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HISTORY AND REMINISCENCES 



OF 



Lower Wall street 
and Vicinity 



By ABRAM WAKEMAN 

FOR 40 YEARS IN THE COFFEE AND TEA DIS- 
TRICT OF NEW YORK, AND MEMBER OF THE 
FOLLOWING SOCIETIES : DESCENDANTS OF 
THE COLONIAL GOVERNORS, SONS OF 
THE REVOLUTION, NEW YORK STATE 
HISTORICAL SOCIETY, THE AMER- 
ICAN SCENIC AND HISTORIC 
PRESERVATION SOCIETY, 
AARON BURR LEGION, 
ETC., ETC., ETC. 




New York 

THE SPICE MILL PUBLISHING CO. 

1914 






PUBLISHED UNDER THE AUSPICES OF THE 

COFFEE EXCHANGE AND LOWER 

WALL STREET BUSINESS 

MEN'S ASSOCIATION. 




#* 



fie 



MAY -5 1915 

©CLA397880 

Ko/ 



Copyright, 1910, 
By The Spice Mill Publishing Co., New York. 

Copyright, 1914, 
By The Spice Mill Publishing Co., New York. 



DEDICATION 



To the days when, next to his wife, a man's partner 
was his best friend. 

To the days when a man's word was good as his bond. 

To the old-time merchants and to those interested in 
them, 

This book is dedicated. 






IV 



TABLE OF CONTENTS 

PAGE 

Introduction vii 

Lower Wall Street and Vicinity in Colonial Times 3 

Lower Wall Street and Vicinity in Pre-Revolutionary Times . . 18 

Origin and Changes of Street Names 27 

Lower Wall Street and Vicinity in Revolutionary Period 32 

The Great Fires in Lower Wall Street and Vicinity 65 

Position of Coffee in the Early Years 69 

Reminiscences of Lower Wall Street and Vicinity 78 

First Coffee Roasting Plants in New York 131 

The Great Coffee Trade Failures of 1880 135 

The Coffee Exchange of the City of New York 146 

Old Organizations in the Trade 163 

Coffee Booms 174 

Coffee Exchange and Lower Wall Street Business Men's Asso- 
ciation 189 

Some Schemes That Were Floated in the Neighborhood 197 

Historical Coffee Trade Legal Suits 203 

Appendix 211 



INTRODUCTION 

To call this volume a "History of Lower Wall Street 
and Vicinity" is to give it a far more ambitious title 
than it merits; for in this section of New York City 
events took place which led to the foundation of the 
United States as an independent nation. Here was the 
crucible in which the country's early history was made. 

A history of the old Merchants Coffee House, in itself, 
would furnish matter for volumes, yet it has been 
neglected by historians and writers in general. Old 
Slip and Coenties Slip, in fact every street and corner 
in this historic neighborhood is worthy of tablets to 
commemorate events that took place there. 

My reminiscences of Lower Wall Street and Vicinity 
are of our merchants and places of business, seen 
through the eyes of youth. Undoubtedly I have over- 
looked mention of many prominent and interesting per- 
sonages in the trade as well as many important business 
houses in this locality; but I sincerely believe that this 
record of firms and persons is as complete as any ordi- 
nary human mind could compile from memory. In this 
record appear the names of many firms and individuals 
whose connection with Lower Wall Street and Vicinity 

vii 



Introduction 

reflected the highest honor upon the locality and helped 
to give it its decidedly distinctive character. 

Statistics are usually dry reading but, in after years, 
they become very interesting and show the future gen- 
eration what their fathers had to contend with; and, so 
far as the coffee statistics are concerned, they indicate 
how the persistency of a few men carried to success 
what were, at one time, very unpopular innovations in 
the old-fashioned methods of doing the coffee business. 

In the great mystery of life, perhaps the many friends 

who have passed on may know of the small tribute I pay 

to their memory in this volume, while those who are 

still with us must be aware that that fact alone prevents 

my expressing the deep affection I have for them. 

ABRAM WAKEMAN. 
New York, 1914. 



LOWER WALL STREET 
AND VICINITY 

IN COLONIAL TIMES 



When Hendrick Corstaensen, the "head man" of the 
first settlers, in 1613 looked around to establish the sec- 
ond largest city of the world, he saw on his left the broad 
expanse of water between him and New Jersey, and on 
his right the close proximity of Long Island. So the East 
Side was chosen for commerce and the shores of the 
Hudson river for the gardens and farms. Shipbuilding 
was the first enterprise, in 1613. Captain Block built a 
ship about where Maiden Lane now is ; the vessel was 38 
feet keel and 44J/2 feet on deck. There is no account of 
the launching, but the name given was the Unrest or 
Restless; it was the first ship to sail through Long Island 
Sound. About this time there were thirty-one log houses 
and 200 inhabitants. 

In 1615 the people formed themselves into a company 
under the name of New Netherlands. The grant having 
been very profitable, the government of Holland refused 



4 In Early Colonial Times 

to extend it. A much larger company was formed in 1621 
under the title of the West India Company. Peter Minuet 
was the first Director-General. He purchased, in 1626, 
Manhattan Island from the Indians for the sum of 60 
guilders ($24). The title became vested in the West 
India Company. 

The first permanent building was a blockhouse erected 
at the southern point of the island in 1626. Wouter Van 
T wilier was the second Governor, from April, 1633, to 
March 26, 1638. The first church edifice built exclusively 
as a place of worship was commenced in 1633, situated 
on the north side of Pearl street between Whitehall and 
Broad streets. In 1642 it was considered unsafe on ac- 
count of the Indians, so a new church of "rockstone," 75 
feet long, 52 feet broad and 16 feet over the ground, "at 
a cost of about one thousand dollars," was built. John 
and Richard Ogden, of Stamford, Conn., were the con- 
tractors. It was built within the walls of the fort. This 
old "kirke" was afterward used as a place of "merchan- 
dise and dwelling/' 

In 1642 a fine stone tavern was built by the city. It 
was five stories high and "could be seen from the decks of 
ships a long way off." It faced East river, and was at 
the corner of Pearl street and Coenties Slip. It bore the 
name of "Aunt Metje Wessells Tavern." The site is 
now 73 Pearl street, which is marked by a tablet erected 
by the Holland Society of New York. 

In 1643 the Dutch West India Company erected five 
stone stores on Winckle street (located between Stone 
and Bridge streets), facing the river and under the pro- 
tection of the guns of the fort. The tavern, no doubt, 
was too large for the times, for in 1653 it became the 
City Hall. The public whipping post and pillory stood 
in front of this building. As late as 1647 we find public 
documents dated "Done at Fort Amsterdam, in New 



A ILLJLu aB! 



First Wharf in New York 5 

Netherland" ; 1648 and thereafter it was New Amster- 
dam. At Hanover Square and Old Slip was the city's old 
custom house. Pearl street was so narrow that sidewalks 
were forbidden. 

In 1643 an expedition against the Indians of Long 
Island was sent out under command of Councillor la 
Montagnee. Returning with several Indian prisoners, 
the people of the city inflicted their death by torture. 
One of them was hacked to pieces with knives, while an- 
other was flayed alive, strips of flesh being cut from his 
living body, and being chased into the present Beaver 
street, his head was finally cut off. 

1642 — The first wharf spoken of was on the line of 
Moore street, running out from Pearl street. It ran out 
but little beyond low water, but in 1659 was extended 50 
feet. In 1652, war having been declared between the 
English and Dutch, the citizens were enrolled in four 
companies. This was so small in comparison with that 
of the New England colonies, should an assault be deter- 
mined upon, that defense would be fruitless. It was 
decided, therefore, to construct a line of works along the 
outskirts of the city from North to East rivers. About 
forty of the principal inhabitants offered a loan of over 
$2,000 for carrying on this work, which was commenced 
April 1, 1653 ; it was built as follows : 

"Posts or palisades 12 feet high and 7 inches in diam- 
eter, to be set in the ground and sided up on the outside 
with boards; on the inside of the stockade a ditch two 
feet wide and three feet deep to be dug, the ground being 
thrown against the fence, this making a platform of suf- 
ficient height to permit the assaulted to overlook the 
stockade/ ' The work was completed about the first of 
May. It extended along the East river shore from near 
the present head of Coenties Slip on the line of Pearl 
street and crossed the cultivated fields to the North 



i 



6 In Early Colonial Times 

river, its line being about 40 feet north of the present 
north side of Wall street. (Wall street at that time 
began at about the west side of Pearl street ; at Coenties 
Slip there was a point extending into the river, no doubt, 
and the palisade ran at an angle from Wall street to this 
point.) 

All trade and business was at a standstill during its 
progress, every citizen lending a helping hand. The 
scare was soon over and the city resumed its old quietude 
until 1655, when Governor Stuyvesant, with all his 
forces, was called to the Chesapeake Bay to assist a 
small colony of Dutch settlers, who were in danger from 
a colony of Swedes. The morning of September 15 
"found the Indians in possession of the city, there being 
nearly two thousand of them. They marched through 
the streets, but offered no violence. Hendrick Van Dyck 
had, a little before, shot an Indian girl who was stealing 
peaches from his farm just below Rector street and the 
North river. The citizens were afraid the Indians had 
come to avenge this act. Toward evening the Indians 
were induced to take quarters for the night on Nutter's 
(now Governor's) Island, but after dark they returned, 
wounding Van Dyck and his neighbor, Captain Vander- 
grist. The citizens, having congregated in the fort, suc- 
ceeded in driving the Indians into their canoes, leaving 
their dead and carrying away several wounded. The 
citizens lost two killed and a number of wounded. The 
Indians, going over the North river to Pavonia, killed 
over one hundred, besides taking one hundred and fifty 
prisoners. The population in 1656 was 1,000." 

In 1658 the palisade was raised to the height of about 
14 feet. Gillies Pietersen lived on the north side of Pearl 
street, at the junction of Wall street, his property ex- 
tending along East river. The palisade was constructed 
a few feet above his garden. Wishing to construct a 



The Site of Hanover Square 7 

wagon road next to the wall, he was asked to move back 
his fence, but refused; so the city purchased his house 
and lot for about $200. This may account for Wall 
street being so narrow at this point. The gate at Wail 
street and East river was closed "at bell ringing in the 
evening (nine o'clock), and opened at sunrise in the 
morning. ,, 

Where the Coffee Exchange now stands, near the cor- 
ner of William street and Hanover Square, was first 
owned by Borger Jovis, a blacksmith; from him the 
name of Borger's Path was once applied to William street 
and Old Slip, and as such was known for many years. 
Back of the Coffee Exchange lived Jan Smeedes, a glass- 
maker, one of the first settlers. He owned considerable 
land. 

In the center of Hanover Square, which was then a 
"green" with several trees, was the fish market, toward 
the lower end, about where the present elevated station 
now is. The first house within the gate, at about the 
northwest corner of Pearl and Wall streets, was a tavern 
owned by Annekin Litschoe; it was very popular with 
farmers who had the farms outside the palisade. 

The rapid growth and prosperity of the New England 
colonies had made the Dutch of New Amsterdam believe 
their home Government had rather neglected them; so, 
in 1664, when Captain Nicolls asked for their surrender 
in the name of the Duke of York they made only a wordy 
resistance. The name of the city was now changed to 
New York, in the Duke's honor. Peter Stuyvesant, the 
Governor, who alone was in favor of giving battle to the 
enemy, retired to his country home, the "Bowerie," 
where he died in 1672 at the age of eighty and was buried 
in the family vault at what is now known as St. Mark's 
Church, "the oldest church site now occupied by a house 
of worship." 



8 In Early Colonial Times 

The Dutch were very particular about their bread. 

In 1656 the following was passed : 

"Director-General and Councillors of New Netherland to all per- 
sons who shall hear or read these presents greeting. Be it known 
that by daily and painful experience they have learned that the 
o-ders and proclamation repeatedly issued and repeatedly revived 
* * * Thirdly, concerning the baking and the selling of the 
coarse and the white bread, both, neither the proper weight nor 
yet the established price. The Director-General and the Coun- 
cillors aforesaid by these presents reviving and amplifying their 
former issued orders on that do ordain and command that all 
bakers, and all other inhabitants who make it their business to bake 
or sell bread, whether to Christians or barbarians, shall be obliged 
(for the accommodation of Christians as well as for the sake of 
the profit and to the same for the Indians) at least once or twice 
a week to bake both coarse and white loaves, of bread, both for 
Christians and Indians at the established weight and price as fol- 
lows: The coarse loaf shall weigh, one double loaf, 8 pounds; 
price in money, 14 stuyvers each. One single loaf, 4 pounds; 7 
stuyvers each. One half loaf, 2 pounds; 3% stuyvers each. The 
white loaf shall weigh, the double loaf, 2 pounds ; price in money, 8 
stuyvers each. The single loaf, 1 pound; price, 4 stuyvers. each. 
The half loaf, V 2 pound; price, 2 stuyvers each. For selling bread 
light in weight or above the price, for first offense a fine of twenty- 
five guilders; second offense, fifty guilders, and third offense, six 
hundred guilders and absolute prohibition from that business." 

The law also defined of what the bread should consist. 
There are recorded several convictions under the law. 

1672 — There was again war between England and 
Holland. Two Dutch men-of-war, under command of 
Captains Colve and Evertsen, sailed into New York har- 
bor. The Governor, Colonel Lovelace, being absent, 
Captain John Manning surrendered, and August, 1673, 
the city's name was changed to New Orange, in honor of 
the Lord Prince of Orange, and the fort to Fortress 
William Henry, 

In 1673, when the city was again in the hands of the 
Dutch, an engineer was appointed to take charge of the 
fortifications. He proceeded to "stake out, build and 
repair" as follows: Before Coenties Slip, a half moon 
with three small guns; at Borger's Path (Old Slip), a 




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The First Cargo of Negroes 9 

/ half moon with four small guns, a stone wall from said 
half moon to the water gate (Wall street), where there 
was a small half moon with two guns ; the curtin for the 
water gate, Pearl street, junction with Wall street, to 
the artillery mount, corner Wall and William streets. 
There was a double "stockadoes" and a ditch with breast- 
works within. The curtin from the Artillery mount to 
the Land gate mount, a double "stockadoes" with a ditch 
within and breastworks. The mount by the Land gate 
was the stone wall to the northwest part of the Land 
gate (the city gate on Broadway at head of present Wall 
street). The line of fortifications extended from the 
gate to the "locust trees" near the shore of the North 
river, then past King's Garden to the "Party Mount," 
near the present corner of Exchange place and Lombard 
street. The curtin from the "Party Mount" to the point 
of the "Merry Mount" of Fort James (the present 
corner of Bowling Green and State street). 

1655 — The first cargo of negroes arrived in the ship 
White Horse. They were sold as slaves, and later the 
slave traific became a very prominent branch of the 
shipping. During this year Egbert Van Borsum be- 
came first ferry master and erected a ferry house on the 
Long Island side of the river, about the foot of the 
present Fulton street; it was also used as a tavern; for 
it he was to pay 550 guilders ($220) — "one-third in 
beavers, one- third in good merchantable wampum, and 
one-third in good silver coin and free passage over the 
ferry so long as the work continues and small beer to 
be drunk during work." 

1661 — There was a windmill, which stood on the shore 
on the line of the present Battery place. 

Governor Dongan's Real Estate Speculation 

In 1687 "measures were first taken to build a new 
street on the East river between the present Whitehall 



10 In Early Colonial Times 

street and Old Slip on the present line of Water street." 
The lots were sold conditional that the purchaser should 
make the street toward the water and build a substantial 
wharf along the fronts of their lots. The city was fast 
extending, the palisade being the limit. The land next 
adjacent from Pearl street to Broadway was the farm 
granted 1644 to Jan Jansen Damen and still in posses- 
sion of Damen's heirs. Governor Dongan secured title 
in the name of John Knight, one of his suite, from the 
heirs of the whole plot front on the the north side of 
Wall street, amounting to over one thousand feet. "This 
purchase was probably a speculative movement in which 
some of the high functionaries of the Government were 
concerned/' The Governor then had the palisades and 
fortifications condemned and demolished. A survey of 
the line was made to establish the north side of Wall 
street, and the street ordered to be laid out 36 feet in 
width. When the palisades were built a wagon road of 
100 feet was made on the inside. In making the width 
36 feet, the Governor gained 64 feet all along his 
frontage. 

In walking down Wall street one will notice the north 
side is comparatively straight, while on the south side it 
is very irregular. This was, no doubt, owing to the 
palisade being on the north side. The first house built 
on the north side of Wall street was on the site of No. 56, 
and was the residence of Captain William Kidd, who 
paid £60 for it. He also, at one time, lived on Pearl 
street. Kidd was interested in the real estate deals with 
Governor Dongan. The story of this famous Captain 
will be of interest, as his early life was spent in our 
neighborhood. I copy from Valentine's "History of 
New York City" : 

"The slave trade being a legitimate pursuit and followed as a 
regular branch of foreign trade for many years, both previous, and 
subsequent to the period now referred to, was exceedingly profitable 






Captain Kidd and His Exploits 11 

though somewhat hazardous owing to piratical adventurers who 
followed them into their remote trading places and often, as in the 
instance above related, robbed them of their stores and money used 
in the purchase of the negroes,. The practice became so great a 
pest that efforts were made by influential merchants to induce the 
English ministry to assist them in fitting out a cruising vessel, 
properly armed. * * * 

"Col. Robert Livingston of New York, an active and influential 
citizen, brought this matter before the English Government and in- 
troduced Captain William Kidd of New York as an efficient and 
well-known commander, whose fitness for such service was well un- 
derstood in New York. He was a man of family and had resided in 
this city for several years. It was proposed to engage in this enter- 
prise on the footing of a private adventure, although it was de- 
sirable for some purposes that the scheme should receive the official 
countenance of the Government. The King, Lord Somers, the Earl 
of Romney, the Duke of Shrewsbury, the Earl of Oxford and Lord 
Bellamont joined in making up the necessary expenses of a proper 
vessel, Col. Livingston also contributing a proportion. The profits 
were to be divided among the owners of the ship, allowing a liberal 
share to Kidd. A commission was issued December 11, 1695, under 
the great seal of England, directed 'to the trusty and well-beloved 
Captain William Kidd, commander of the ship Adventure Galley ' 
He set sail from Plymouth in April, 1696, and arrived on the 
American coast, where he continued for some time, occasionally en- 
tering the harbor of New York and visiting his family in the city. 
He was considered useful in protecting our commerce, for which he 
received much applause, and the assembly of the province voted him 
the sum of two hundred and fifty pounds as a complimentary return 
for his services. Soon after he left this vicinity for more active 
operations on the coast of Africa and it was not long ere the as- 
tounding news arrived that Kidd had commenced the trade which 
he had been engaged to subvert and had committed several piracies. 
The report of these facts coming to the public knowledge in Eng- 
land, the circumstance was made the subject of a violent attack 
upon the Government by the opposition party, and in the excess of 
party zeal it was alleged that the King himself and those concerned 
in the expedition were privy to the piratical adventure and shares 
in its profits. This charge having some color of foundation from 
the actual circumstances of the cas.e, made the question a subject of 
State inquiry, and thus the name of Kidd, though perhaps per- 
sonally less obnoxious to the odious characteristics of his profession 
than many others in history became from its association with a par- 
tisan warfare between the great men of the State, the most famous 
among the pirates of the world. The noblemen engaged in the en- 
terprise underwent the form of a trial for their lives, but were 
acquitted. The principal scenes of Kidd's piracies were on the 



12 In Early Colonial Times 

eastern coast of Africa, at Madagascar and the vicinity, where he 
captured and rifled several vessels, without, however, so far as we 
have been informed by history committing extreme cruelties upon 
his captives, the only person proven to have been killed by him be- 
ing a seaman of his own named William Moore, whom he acci- 
dentally slew by hitting him with a bucket for insubordination. 
Kidd having amassed a fortune by this cruise, shaped his course 
homeward, seeming with a strange fatuity to have supposed that no 
information of his depredations in those remote parts of the world 
had reached the scenes of his home. It brought his vessel into Long 
Island Sound in the year 1699 and went ashore at Gardiner's 
Island, then owned and occupied by Mr. John Gardiner, to whom, 
from some undiscoverable motive, he made known his desire to 
bury a quantity of treasure on the island, and did, accordingly, 
deposit in the ground a considerable quantity of gold, silver and 
precious stones in the presence of Mr. Gardiner, but under strict 
injunctions of secrecy. This deposit consisted of eleven hundred 
and eleven ounces of coined silver, two thousand three hundred and 
fifty ounces of silver, seventeen ounces of jewels and precious 
stones, sixty-nine precious stones, fifty-seven bags, of sugar, forty- 
one bales of merchandise, seventeen pieces of canvas, one large 
loadstone, etc. Having thus disburdened his ship, he departed for 
Boston, with the desire, it is supposed, of selling his vessel. While 
there, however, he was recognized in the street and apprehended. 
He was sent to England for trial and indicted for the murder of 
William Moore, before s.poken of, and, being convicted, was hanged 
in chains at Execution Dock, May 12, 1701. The wife of Kidd con- 
tinued her residence in this city after his death, herself and daugh- 
ter living in seclusion in a habitation on the east side of the town." 

In 1678 the city's seal was adopted and, excepting the 
crown at the top has been changed to an eagle, it remains 
the same to-day — the motto, "Siglillum Civitatis Novi 
Eboraci" (Seal of the City of New Eboracum) — the 
Latin name given by the Romans to the town of York 
in England — Albert Ulmann (rather a roundabout way 
to reach New York — A. W.). 

In 1693 William Bradford was appointed Public 
Printer, at 81 Pearl street. This is the site of the 
Cotton Exchange, which displays a tablet in com- 
memoration. 

In 1684 William Merritt paid a rental of £20 for ferry 
privilege, receiving a lease for twenty years. He was 



Beginnings of Ferries to Brooklyn 13 

to erect houses on each side of the river and to have 
two boats for cattle and two for passengers. The ferry- 
man should keep six boats and three men to row the 
boats ; average time to cross the river was about seventy 
minutes, each boat remaining at the landing twelve 
minutes; ferriage ten cents, but twelve cents was 
charged when the "ice was running." The New York 
landings were where are now Fulton and Wall streets. 
The north side of Wall street at Water street was called 
the Ferry Stairs. 

1689 — War between the Catholics and Protestants 
broke out ; Governor Dongan rather favoring the Catho- 
lics, became frightened and abandoned the city, and Lieu- 
tenant-Governor Nicholson also having taken his de- 
parture, the city was without a head. Jacob Leisler (a 
man of wealth and respect, who lived on Whitehall street 
between Pearl and Broad), issued, June 9, 1689, a public 
manifesto declaring the fort was held until a person with 
proper authority was sent by Great Britain. Another 
party was headed by Nicholas Byard, colonel of the city 
militia. The war lasted about two years. There were 
several riots. Col. Henry Slaughter, on arriving, arrested 
Leisler, who was condemned for treason and hanged. Ten 
years after the Parliament of Great Britain reversed the 
attender for treason and restored his property to his heirs. 

The first burial place was on the west side of Broad- 
way, near Morris street (then known as Beaver's lane) , 
comprising four lots of 25x100. "This was broken up in 
1676, on which the north part of Trinity churchyard 
was substituted. The church was originally erected 1696, 
and in 1697 it was incorporated and declared the parish 
church and the whole yard granted to it as the parish 
churchyard." ("History of Trinity Churchyard," by 
Hon. Francis R. Tillon.) The property formerly was 
called King's Garden and extended from the west side of 



14 In Early Colonial Times 

Broadway to the North river, just beyond the present Col- 
lege place. 

In 1691 the Dutch congregation erected a church on the 
north side of Exchange place, between Broad and William 
streets. 1697 — an ordinance was passed compelling every 
housekeeper within the city to put lights in the windows 
fronting the respective streets of the city between Novem- 
ber and the 25th day of March. "Every seventh house 
in all the streets shall, in the dark time of the moon, cause 
a lantern and candle to be hung out on a pole, the charge 
to be defrayed equally by the inhabitants of the said seven 
houses." During the same period a night watch was 
established, composed of "four good and honest in- 
habitants of the city, whose duty it shall be to watch in 
the night time, from the hour of nine in the evening till 
break of day, until March 25 next, and to go around the 
city each hour of the night with a bell and thus to pro- 
claim the season of the weather and the hour of the 
night." 

It was not until 1698 that the palisade along Wall street 
was entirely removed. In 1699 the following rates of 
ferriage were established to Long Island : Single person, 
eight stripes in wampum or a silver twopence ; persons in 
company, half price ; after sunset, double ferriage. Cat- 
tle (single), one shilling; cattle in company, ninepence; 
colts or calfs, ninepence. The landings on New York side 
were on Monday and Thursday at Countiss Key (Maiden 
lone) ; on Tuesdays and Fridays at Borger's Path (Han- 
over square) ; on Wednesday and Saturday, at the Dock 
Slip, near Cortland's house (Coenties Slip). The ferry 
did not apparently run on Sunday. 

At the close of the seventeenth century there were 
about 750 dwelling houses within the limits of the city, 
population about 2,500 whites, 750 blacks including 
slaves and freemen. 



Building of New City Hall 15 

In 1697 the old "Stadt huys," which had stood since 
1642 at the head of Coenties Slip, was considered 
dangerous; it was sold at auction to John Rodman for 
£920. The new City Hall, situated at head of Broad and 
Wall streets (where the Sub-Treasury now stands) was 
built 1699, and it is said much of the foundation was made 
from the stone taken from the old fortifications. It was 
to have cost £3,000. 

The beginning of the eighteenth century saw the ex- 
tension of the city. The removal of the palisade (Wall 
street) that had been the northern city limit, opened up 
a new territory, turning the farm into city lots. The 
building of the new City Hall, corner of Wall and Nassau 
streets, had changed the character of Wall street from a 
country "wagon road" to one of prominence. Trees were 
planted and it became the fashionable promenade. 

In 1703 the cage pillory, whipping post and stocks were 
removed from Coenties Slip to upper end of Broad street. 
In 1712 "some slaves met in an orchard near Maiden lane 
and set fire to a small out-house. When the citizens ran 
to put out the flames the blacks fired upon them, killing 
nine and wounding six; great excitement ensued, the 
soldiers were called out, a pursuit organized and twenty- 
one slaves captured, all of them were executed, some 
hanged, some burned at the stake, and others, suspended 
in chains, were left to starve." — Albert Ulmann. 

In 1715 Stephen Delancey, a liberal and wealthy mer- 
chant, presented the city with £50, the amount received 
as salary, being a member of the General Assembly, and 
suggested the purchase of a clock for the City Hall. 
Joseph Phillips, a clock maker, agreed for £65 to con- 
struct one of the following dimensions: "The largest 
wheel of the clock to be nine inches in diameter and that 
there should be two dial plates of red cedar, painted and 
gilt, each to be six feet square." In the City Hall was 



16 In Early Colonial Times 

located the first public library in 1730, with 1,642 
volumes. There were also two fire engines imported 
from London. 

Many have inquired why the Bankers' Trust Co.'s new 
building, northwest corner Wall and Nassau streets, does 
not extend on the Nassau street line. The reasons are: 
The City Hall reached nearly across Nassau street. There 
was a small passage leading from Broad to Nassau streets 
on the west and east sides of the building, the plot now 
occupied by the Bankers' Trust building on the west, and 
between the Sub-Treasury and assay office on the east. 
The First Sugar Refinery 

In 1720 — The Legislature passed an act granting to 
Robert L. Hooper and his assigns a monopoly for refining 
sugar. In 1725 Hooper styled himself "Sugar Refiner," 
but having failed to live up to terms of his privilege, an 
act was passed, in November, 1727, repealing his 
monopoly. 

1728 — At the northwest corner of Wall and William 
streets was the sugar house built by the Bayards. "It 
was a huge barn-like affair." 

May 9, 1768— "Gentlemen may have sugars refined on 
reasonable terms by applying to John Child at Mr. Bay- 
ard's sugar house in Wall street near the City Hall. Sam- 
ples of double and single refined loaf lumps, powder and 
shop sugars, sugar candy, molasses, etc. May be seen 
by applying as above." 

The first Presbyterian Church erected, 1718, was be- 
tween the City Hall and the sugar house. 

Opposite the City Hall, at the southwest corner of Wall 

and Broad streets, was an old tavern kept by John 

Hutchins, who later moved to Broadway, just north of 

Trinity Churchyard, at about present No. 115 Broadway, 

where there is now a tablet: 

The site of the old historic De Lancy House, afterward the "City 
Hotel." The tavern located here had various, proprietors by whose 



Historic Site of City Hotel 17 

names it was successively called, being among others known as the 
"Province Arms," the "City Arms" and Burns' coffee house or 
tavern. It was here that the celebrated non-importation agreement 
in opposition to the "Stamp Act" was s,igned October 31, 1765. 
Erected by the Holland Society of New York, March, 1890. 

The block by Whitehall, Pearl, Moore and Water streets 
was called the Strand, being an open space and used as a 
market place or "stand," for country wagons. There 
was also a public scale. In 1732 the city divided it into 
lots. At the lower end of Broadway, the space in front 
of the fort until 1732 was used for a parade ground. 
Then it was leased to John Chambers, Peter Bayard and 
Peter Jay for a term of eleven years at the rent of a 
"pepper corn." They fenced it in and it was used for a 
"bowling green." The street on the site is now Bowling 
Green. 



LOWER WALL STREET 
AND VICINITY 

IN PRE-REVOLUTIONARY TIMES 



New England has long claimed the glory of being the 
birthplace of our liberty and Boston its cradle. Good- 
natured New York, with its usual complacency had let it 
"go at that," but right will assert itself even if it takes 
centuries. The true parent of liberty was our city. Born 
in the newspaper office of John Peter Zenger ; cradled in 
the Merchants' Coffee House, southeast corner of Wall 
and Water streets; adopted by Massachusetts and the 
other colonies; protected by the whole from Maine to 
Oregon, yet its natal home remains New York City. 

At the death of Governor Montgomery July 1, 1731, the 
chief functions of government devolved, until the appoint- 
ment of his successor, upon Rip Van Dam. Mr. Van 
Dam was born and bred in New York; he was a ship 
builder, accumulated quite a fortune and was the oldest 
member of the Governor's Council and "ex-officio the 
second officer in the Government and was head for a 
period of thirteen months." 



The Historic Van Dam Case 19 

Colonel William Cosby, the new Governor, before his 
departure from England, obtained an order from the 
home Government upon Mr. Van Dam "to pay over to him 
one-half of the fees and emoluments of the office during 
his late exercise of the chief authority. Mr. Van Dam 
refused, and was fully supported by the public. The 
issue was recognized as one between the favoritism of the 
British court and the property of their colonial subjects, 
and if the Government could take away the salaries 
earned and already appropriated to individual use of any 
of its colonial officers and divide it with one who had never 
performed any service for it, there was little in the 
rights of British subjects." "But the great and funda- 
mental basis of the popular feeling on this subject was 
the manifest distinction thus made between inhabitants 
of the colonies and those of England, the inferiority of 
the former in the estimation of the home Government 
being too glaring to be glossed over or concealed from 
public apprehension." — David T. Valentine, History of 
New York. 

The courts ordered Van Dam to pay, which he did. 
But popular feeling was so strongly excited that they 
expressed all manner of ridicule and contempt for the 
Government officers. At this period there were two news- 
papers — the New York Gazette (published at 81 Pearl 
street, by William Bradford), in the interest of the court 
party, and Zenger's New York Weekly Journal, taking 
the Van Dam side. So bitter were the articles in the 
Journal that the council resolved that the copies "should 
be burned by the common hangman," further ordering 
"the Mayor and magistrates of the city to attend the con- 
suming," but they refused to comply and every effort was 
made to have the "consuming imposing," but the at- 
tendance was "meager." The burning took place Nov. 6, 
1734, in Wall street, in front of the City Hall. "There 



20 In Pre-Revolutionary Times 

in Wall street the sparks from Zenger's Journal started 
the fire of liberty throughout the whole country, smoul- 
dering for years, only to burst out in unquenchable flames 
in 1775." Why this most important event is neglected 
when two events, in no way connected with this location, 
are commemorated with tablets on the Sub-Treasury, 
calls for more than a passing remark. 

The act only increased the feeling against the Govern- 
ment. It was then resolved to crush Zenger, the editor. 
He was arrested and lodged in jail, where he remained 
for eight months. His trial took place in 1735 and al- 
though every effort was made by the court party to con- 
vict, he was acquitted. The libel complained of was in 
substance: "The people of this city and province think 
as matters now stand that their liberties and properties 
are precarious and that slavery is like to be entailed on 
them and their posterity if some things be not amended." 
David T. Valentine says : "It was at this period that the 
dawnings of a revolutionary spirit began to be observed 
in an intense though latent fire in the body politic." 

In the middle of Broad street, near Wall street, was a 
watch tower. The water supply was obtained from wells 
known by different names. De Rimer's well was in center 
of present Whitehall street near Bridge street ; Ten Eyck's 
and Vincent's well was in Board street, between Stone 
and South William streets ; Tunis De Kay's well, center of 
Broad street, a short distance above Beaver street ; Fred- 
erick Wessel's well, center of Wall street, west of William 
street. The water from these wells was of very inferior 
quality, "was indeed almost sickening to strangers who 
had been accustomed to a pure element; even horses re- 
fused to drink it." When we consider that the greatest 
luxury of the people was a cup of tea we may conceive the 
trouble occasioned the ancient housewife from the poor 
quality of the well water to be had in town. 



Origin of Slave Market House 21 

The famous "Tea Water Pump" was located in a dell 
near the present junction of Chatham and Roosevelt 
streets. It was quite a fashionable resort. Near it was 
a little bridge, called the "Kissing Bridge," where it was 
customary before passing beyond to salute the lady who 
was your companion." "The water from the Tea Water 
Pump being both pure and wholesome, often on after- 
noons there would be thirty to forty ladies and gentle- 
men dining and drinking tea together." 

Prior to 1687 Wall street ended at Pearl street. When 
Water street was built there was a slip extending from 
about the present Front street midway between Water and 
Pearl streets; ail east of Pearl street was called Coffee 
House Slip. Murray's Wharf was just north of present 
Jones Lane. (From Pearl street, Wall street widened 
south almost to Jones Lane.) South of the slip was called 
Hunter's Key and, on the north, Burnet's Key. 

THE OLD SLAVE OR MEAL MARKET (SOMETIMES CALLED 
WALL STREET MARKET) 

There -are but few more interesting locations in our 
city than those in the neighborhood of lower Wall street. 
Just above the present Nos. 87-89 was the old slave mar- 
ket. "On the 4th day of October, 1709, the inhabitants 
of the East Ward petitioned for liberty to erect a Market 
House at the south end of Clark's Slip at the east end of 
Wall street/' And permission was granted them "to 
erect same at their own charge, provided it be finished 
within two years from date." 

We find November 30th, 1711: "Later the Market 
House became a place of meeting for slaves during the 
period when their masters had no work for them. All ne- 
groes and Indian slaves that are let to hire within this 
city to take up their standing, in order to be hired, where- 
by all persons may know where to hire slaves as occasion 



22 In Pre-Revolutionary Times 

shall require and all masters discover where their slaves 
are hired." November 16, 1720, orders, "That the neigh- 
bors of Wall Street Market House have liberty to remove 
said Market House higher up into said Wall street or re- 
pair it where it now stands at their own expense and 
charge." Six years after, "a law was ordained that the 
Market House commonly called Wall Street Market 
House is hereby appointed a public market place for sale 
of all sorts of corn, grain and meal and that from and 
after the 25th day of March next, 1726, no corn, grain 
or meal to be sold at any other public market under heavy 
penalty." After this period it became known as the Meal 
Market. In 1739 William Cornell had farmed (leased) 
the ferry between this city and the Island of Nassau 
(Long Island) and petitioned to "amend and enlarge the 
Market House at Clark's Slip (then at foot of Wall 
street), as it is mightily out of repair and sundry con- 
veniences wanting for the better landing, and preserving 
the ferry boats, at their own cost and charge with as- 
sistance of such as will contribute to same, which privi- 
lege was granted." The previous year Joseph Read "had 
repaired this Market at a cost of 28 pounds, 16 shillings 
and 10 pence." As the streets improved the Merchants 
Coffee House being a meeting place of the city's aristoc- 
racy a petition was made to the Common Council which 
read, "Said Meal (Slave) Market greatly obstructs the 
agreeable prospect of the East River, which those that 
live on Wall street would otherwise enjoy. That it oc- 
casions a dirty street, offensive to the inhabitants on each 
side and disagreeable to those that pass and repass to and 
from the Coffee House, a place of great resort, that same 
be removed." The petition was successful, for in Feb- 
ruary, 1762, it was taken down. 

In our city's early days it was a great slave market; 
nearly all the advertisements in the little weekly papers 



The Market Price of Slaves 23 

were either offering men, women and children for sale, or 
reward for those who had run away. We have tried to 
excuse our forefathers with the plea the slaves they owned 
were those brought from the West Indies or other col- 
onies. The names given in the slave advertisements of 
that day are many whose descendants this day occupy the 
highest social positions. The following advertisement ap- 
peared in New York Weekly Post Boy, August 7, 1749 : 
"Just imported from Africa and to be sold on board sloop 
Rhode Island at Mr. Schuyler's wharf, a parcel of likely 
men and women, also negro boys and girls." 

Post Boy, 1754, June 10. — "Just arrived from Africa, 
a parcel of negroes, consisting of men, women, boys and 
girls, to be sold on board brig York, William Merciers, 
commander. Most of them have had the smallpox." 

July 23, 1770. — "To be sold on board the brigantine 
Elliott, Paul Miller, master, from Africa, at Van Zant's 
wharf, a parcel of young, healthy, new negroes, men 
women, boys and girls, from 10 to 22 years old, at low 
prices." 

Not only were there negro slaves, but, until prevented 
by a law, the children of the Indians were seized for debt 
and sold. There was also at that time a bondage. In the 
Post Boy was an advertisement reading : "A likely girl 
whose service has ten years to run is offered for sale." 

September 30, 1754. — "Just imported on the ship 
Anne and Elizabeth, Captain Peter Crawford, a consid- 
erable number of German passengers, chiefly young peo- 
ple unmarried. Their times to be disposed by Philip Liv- 
ingston or said master." 

Price of Slaves. 

There has been much doubt as to the market value of 
slaves during the early days of New York. Recently I 



24 In Pre-R evolutionary Times 

found the following in the New York Gazette and Weekly 
Mercury of February 13, 1775 : 

TO BE SOLD. 

"At the office of William Tongue, Broker, at the house of the 
late Mr. Waldron near the Exchange (lower end of Broad street), 
the following goods and merchandise, viz. : 
"One Negro Wench, 22 years old, has had the smallpox, < 

is a useful domestic Price 80£ 

One Negro Wench, 40 years old Price 50£ 

One ditto Wench, 30 years old Price 50£ 

One Negro Man, 27 years old, is a good farmer Price 90£ 

One Negro Man, 27 years old, is a tolerable cook and 

gardener, etc Price 100£ 

One Negro Boy, 16 years old Price 90£ 

One Negro Wench, 30 years old, with or without her son 

5 years old Price 60 or 80£ 

One fine Negro Wench, 22 years old, every way very 

useful Price 80£ 

This is rather cheap labor, considering there was no 
eight-hour-a-day law as to-day. Mr. Tongue was the first 
merchandise broker in our city. Coming from London, he 
established himself here in 1774. His early advertise- 
ments stated that he bought and sold all kinds of mer- 
chandise and "gave advice as to buying and selling, also in 
other matters." His office must have been very much a 
bureau of information during the Revolution. As might 
be inferred, he was a strong Tory. His later advertise- 
ment catered to the wants of the English soldiers. 



New York in Middle 18th Century 25 

A Traveler's Reminiscences of New York 

1748. — Some idea of our city can be obtained from the 
following from Valentine's History of New York: 

"An intelligent traveler (Professor Kahn) , visiting the 
city in 1748 * * * 'In the chief streets there are 
trees planted, which in summer give them a fine appear- 
ance and during the excessive heat at that time afford a 
cooling shade. * * * Besides numbers of birds of all 
kinds, which make these trees their abode, there are like- 
wise a kind of frog, which frequent them in great num- 
bers during the summer. They are very clamorous in the 
evening and in the nights (especially when the days have 
been hot and a rain is expected) , and in a manner drown 
the singing of the birds. They frequently make such a 
noise that it is difficult for a person to make himself heard. 
* * * There is no good water to be met with in the 
town itself, but a little distance there is a large spring of 
good water which the inhabitants take for their tea. 

'The winter is much more severe than in Philadelphia. 
The snow lies for some months together on the ground 
and sledges are made use of. The River Hudson is about 
a mile and a half broad at this point and the tide ebbs 
and flows six or seven feet, yet the ice stands in it not 
only one, but even several months. It has sometimes a 
thickness of more than two feet. The inhabitants are 
sometimes troubled with mosquitoes; they either follow 
the hay which is made near the town in the low meadows, 
which are quite penetrated with salt water, or they ac- 
company the cattle when brought home at evening. I 
have myself experienced and observed in others how 
much these little animalculae can disfigure a person's face 
during a single night; for the skin is sometimes so cov- 
ered over with little blisters from their stings that people 
are ashamed to appear in public. * * * The water- 



26 In Pre-Revolutionary Times 

melons which are cultivated near the town grow very 
large. They are extremely delicious and are better than 
in other parts of North America, though they are planted 
in the open fields and never in a hot-bed. I saw a water- 
melon at Governor Clinton's which weighed forty-seven 
English pounds, and another at a merchant's in town of 
forty-two pounds weight." The population, 1731, was 
8,628. 

In 1741 was the negro plot. It was caused by the arrest 
of several negroes accused of starting fires in different 
parts of the city. They had been sailors on a Spanish 
vessel which, had been brought to New York as a prize 
and sold. "It was believed a plot existed for the destruc- 
tion of the city and massacre of its inhabitants." During 
the progress of this affair fourteen (negroes) were burnt 
at the stake, eighteen hanged and seventy-one trans- 
ported. "The stake at which the negroes were burnt was 
set up in the vicinity of the present Five Points." 

In 1764 the city was called City of Manhattan or New 
York. (Report of Common Council, 1861, p. 484.) 



_J 



ORIGIN AND CHANGES OF 
STREET NAMES 

IN LOWER WALL STREET VICINITY 



Few of us stop to think, as we tramp the streets of this 
neighborhood, that in times past the history of our 
country was largely made by those who, like us, spent 
their life's best hours going over, as we do, the same 
ground, turning the same corners, stopping to chat with 
friends or inquiring as to the state of the market, or dis- 
cussing the topics of the day. Human nature was about 
the same in 1600 as in 1900. 

There is no part of our country more closely connected 
with the glory of its past than lower Wall street and its 
vicinity — the old and new names of its streets, the old bat- 
teries and building locations now occupied by our offices. 

I have taken great pleasure in reading the following au- 
thorities, from which I often quote : "Manual of the Com- 
mon Council of New York," 1855-1861 and 1863 ; Albert 
Ulmann's "A Landmark History of New York" ; Crom- 
well Childe's "Old New York Downtown"; David T. 



28 Origin of Street Names 

Valentine's "History of the City of New York," 1853; 
Charles Z. Lincoln's "The Governors of New York"; 
Frederick Trevor Hill's "The Story of a Street" ; "Report 
of the New York State Historical Society"; "Report of 
the American Scenic and Historic Preservation Society," 
John Austin Stevens' "Old New York Coffee Houses"; 
many histories of the city and the newspapers of the 
times. 

[The origin and changes of names of the streets are 
taken from "Manual of the Common Council of New 
York" 1855. The reader will note that many of the 
streets bore similar names but at different times, due to 
the change in the ownership of adjacent property, also 
of the different rulers. After the Revolution there was a 
general revision of our street names. — A. W.] 

Broadway, originally the principal road through the 
island, was called the great highway in 1674. It extended 
originally only as far as the (City Hall) park, thence fol- 
lowed the line of the present Park Row (formerly Chat- 
ham street) and was extended beyond the park after the 
Revolution, the upper part then being known as Great 
George street. All of it was called Broadway in 1797. 

Broad street, originally the line of a brook or inlet, was 
called in 1657 the Heeve graft and the Prince graft. The 
ditch was filled in in 1676 and has been known since as 
Broad street. 

Nassau street, originally called the road that leads to 
the pie woman's, was laid out about 1700, in part called 
Nassau street, in part Kips street, and all Nassau street 
since 1791. 

William street, originally called Borger Joris path, 
1657; a part was also called in 1657 the glass maker's 
street, and the suice straat in 1691, King street in 1728 
(part), Smith street in 1728, upper part William street, 



Date of Front Street's Beginning 29 

after William Beckman, part King George street in 1755, 
and all known as William street in 1797. 

Exchange place, originally 'Tschaape Waytre, or sheep 
pasture, in 1657; afterwards Tuyen straat or Garden 
street in 1691, Church street in 1728, part known as Gar- 
den street in 1728, part known as Flatten barrack in 
1797, then all known as Garden street, this name being 
changed after the erection of the exchange in Wall street, 

Hanover street, formerly part of Sloat lane, extended 
about 1812, and known as Hanover street. 

Pearl street, the oldest street in the city : Called Pearl 
because of the quantities of pearly shells found there, be- 
ing on the water's edge. Its being so crooked is no doubt 
owing to the irregularity of the shore. It has been called 
by many different names, in different parts of the street, 
among which names and dates are the following : Pearl 
straat in 1657; Smith's Valley in 1657; Hoogh straat in 
1657; the Waal in 1657; the Waterside in 1657; Dock 
street in 1691 ; Great Queen street, 1691 ; in 1728, Queen 
street; all known as Pearl street in 1797 as far as Chat- 
ham street, the rest being called Magazine street, 1797; 
and since 1807 all known as Pearl street. 

Water street, originally in the river, was in progress of 
filling up in 1700 ; part called Water street in 1750 ; part 
Dock street in 1755; south of old slip was Dock street, 
known in part as Water street in 1797, and in part as 
Crown Point street. 

Front street, originally in the river and filled in about 
the time of the Revolution ; called Front street in 1791. 

South street, originally in the river; part called Bur- 
nett's Key in 1755, and all known as South street since 
1807. 

We will now take the cross streets, beginning at Ful- 
ton and go south. Fulton street, laid out about 1720, 



30 Origin of Street Names 

original name Fair street; in part Partition street; all 
known as Fulton street about 1812. 

Burling slip, made into the river at different times, 
from the year 1700 ; known in 1728 as Lyon's slip ; in 1766 
as Rodman's slip ; since the Revolution as Burling slip. 

John street, called after John Harpending, the shoe- 
maker, who gave the ground on which *North Dutch 
Church stands. Laid out about 1720 ; called John street 
in 1720 ; name in part Golden Hill, 1755. 

Dutch street, laid out about the year 1720 ; known as 
Dutch street. 

Piatt street, laid out about 1830. 

Gold street, after Golden Hill, as that vicinity was 
originally called, laid out about 1720 ; called in part Van- 
dercliff street, after Direk Vandercliff's orchard, and in 
part Rutger's hill, and in part Gold street; all known as 
Gold street in 1791. 

Cliff street, originally lying in Vandercliff's orchard, 
laid out about 1720; called Cliff street; 1755, name in 
part Skinner street; all Cliff street since 1791. 

Liberty street, laid out about 1690, at one time called 
Tienhoven street; name in 1691 Crown street; known in 
1797 and since as Liberty street. 

Cedar street, laid out about 1690; name in 1691 Smith 
street; in 1728 Little Queen street; known in 1697 and 
since as Cedar street. 

Maiden lane, originally a road from the East river to 
the present Broadway and called in Dutch T Maadge 
Paatge, or maiden's path. 

Fletcher street, projected previous to the Revolution, 
known as Fletcher street since 1797. 

Pine street, laid out about 1690 ; name in 1691 Queen 
street ; name in 1728 King street ; since 1797 Pine street. 

Depeyster street, projected about the time of the Revo- 
lution ; called Depeyster street since 1797. 



*Site of the old Post Office. 






Stone Street, First Stone Paved Street 31 

Wall street, the original northern line of the city. 
Palisades erected in 1653. The street called the Cingel in 
1657 ; in 1674 is called the Walls ; in 1700 and since known 
as Wall street. 

Jones street (lane), projected about year 1809 and 
since so called. 

Gouverneur lane, laid out about the time of the Revo- 
lution ; known as Gouverneur lane in 1797. 

Old Slip, original name Borger Joris path, 1657. 

Beaver street, originally a part of it called the old 
ditch; afterwards, in 1657, called the Beaver graft, and 
in part Prince's street in 1657; Beaver street in 1691; 
in 1728 (part) Sloat lane. 

Coenties Slip, so-called from Coenraet Teneyck, known 
in 1766 as the Albany pier; since the Revolution as 
Coenties Slip. 

Stone street, the first street paved with stones ; a part 
was called the Brouwer's straat in 1657 ; another part the 
Hoogh straat in 1657; in 1674 High street; also a part 
Stone street in 1674 ; Duke street in 1691 ; all called Stone 
street in 1797. 

Albert Ulmann tells the following story: * * * 
"And it owed this honor to the energy of a woman. 
Among the earliest colonists were the Van Cortlands. 
They lived in this road. Herr Van Cortland, having a 
brewery nearby, the wife, like all true Hollanders, ab- 
horred dust and dirt, and complained over and over again 
that she could not keep her house clean because of the 
condition of the road. She protested so persistently that 
at length the authorities, to quiet her, put down a rough 
stone pavement. This was regarded a wonderful piece 
of work and people came from all parts to look at it, call- 
ing it in joke the Stone street, which name has ever since 
clung to it." 



LOWER WALL STREET 
AND VICINITY 

IN THE REVOLUTIONARY PERIOD 



THE MERCHANTS' COFFEE HOUSE. 

About 1737 one of the first Coffee houses built, at south- 
east corner of Wall and Water streets (now 91 and 93 
Wall street), was called Merchants' Coffee House; from 
it the slip was named. A small bridge crossed the slip. 
This coffee house became the true Cradle of Liberty. It 
was here most of the patriotic meetings were held just 
prior to the Revolution. 

Speaking of the Merchants' Coffee House, Frederick 
Trevor Hill, in his "Story of a Street," says : "Of all the 
historic buildings which figure in Wall street's story, this 
unpretentious tavern is fairly entitled to a place apart. 
* * * There was nothing imposing either in the ex- 
terior or interior of this celebrated inn. All that is 
known of its outward appearance is that it was a three- 
storied structure with a large room on the first floor, 
another on the second, a piazza or balcony on the front 
and a platform or porch on the side and its interior ap- 



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Importance of Merchants' Coffee House 33 

pointments were in keeping with this very modest archi- 
tectural plan. The two 'long rooms,' however, witnessed 
many a famous meeting and consultation and their part 
in the prelude to the Revolution was of the first impor- 
tance." 

John Austin Stevens, speaking of the Merchants' Coffee 
House, says : "The old house is gone and forgotten, yet 
its record may challenge that of any building on this con- 
tinent for the extent and variety of the interesting scenes 
which its walls witnessed from the day it was opened, 
with the water edge close upon its rear piazza, until its 
destruction when two new blocks had been filled in to the 
East River and the house by this water side had lost its 
original riparian charm." 

There has been some question raised as to just when 
the Merchants' Coffee House was built, but the above 
date I believe to be correct. The following shows that 
it was a well-known tavern in 1774: 

Weekly Post Boy, August 27, 1744: "Whereas about 
a fortnight ago three or four letters directed to the 
printer of this paper were left at the Merchants' Coffee 
House in this city, among many other letters by Captain 
Roman, from South Carolina, which letters have been by 
ill-minded persons either destroyed or conveyed away un- 
known, and as it is apprehended that one of them in par- 
ticular is of consequence, this is to notify that any person 
who will give sufficient information whereby the offender 
may have justice he shall have twenty shillings reward; 
but if any person will return any or all of said letters they 
will be thankfully received and no questions asked by 
James Parker." 

Nov. 23, 1751, Post Boy : "The house wherein Moses 
Taylor lives, being the sign of the 'Cat and Kettle' at the 
Old Slip Market, is to be Lett to be entered on imme- 



34 In the Revolutionary Period 

diately; inquire of said Taylor who is going to move to 
a House at the Fly Market wherein he formerly lived." 

One of the earliest demonstrations against the Crown 
occurred July 10, 1764: "Four fishermen * * * * 
were pressed from on board their vessels and carried on 
board a tender from Halifax belonging to one of His 
Majesty's ships. * _ * * * And yesterday morning 
(July 11) when the captain of the tender came on shore 
in his barge a mob suddenly assembled and seized the 
boat, but offered no injury to the captain, who it is said, 
publicly declared he gave no such orders, offered to re- 
lease the fishermen, and going into the coffee house, 
wrote and delivered an order for that purpose." The 
mob with great shouting dragged the boat through the 
streets to the green in the fields (now City Hall Park), 
where they burned and destroyed her. In the fall of 
1765, as the dreaded "first of November" approached and 
"stamp paper," furnished by the "Ministry of Great 
Britain" was ordered to be used for every legal instru- 
ment, "even to the licenses to marry." 

"The young people rather than pay the tax resolved 
to be published or even break their engagements." 
Seventy of the principal merchants met early in Novem- 
ber at Burns' Tavern (about present 115 Broadway), 
agreed to countermand their orders for English goods 
even instructing their supercargos to supply no 
port with provisions where the obnoxious paper was 
used and offering a reward of £500 for finding out any 
"villain" who shall presume to make use of the "stamped 
paper." It was then admitted. The New London Gazette, 
Nov. 8, 1765. The Boston Post Boy and Advertiser, Nov. 
11, 1765. That "To the Merchants, the Tradesmen and 
the Mechanics of our city and to its 'common' belong the 
honor of the initiative of this glorious work and the uni- 
form success which attended the movements of the actors 



i 



Early Demonstration Against the Crown 35 

bear testimony to the character of the men and to the 
determination with which they fulfilled their purposes." 
Valentine's History of New York. The merchants agreed 
to the following : 

1. To import no goods from England until the stamp act be 
repealed. 

2. To countermand all orders already sent for Spring goods. 

3. To sell no goods from England on commission. 

4. To buy none from any stranger that may be sent out. 

The stamps arrived October 31, consigned to Mr, 
McEvers, but knowing the feeling of the people, he re- 
fused to receive them and they were deposited in the fort 
November 4. "The late extraordinary and unprecedented 
preparations in Fort George and the securing of the 
stamp paper in that garrison." The inhabitants became 
alarmed, gathered in the evening at the commons (City 
Hall Park), they marched down the Fly, and having 
stopped a few minutes at the Coffee House (where, no 
doubt, they were addressed from the balcony), pro- 
ceeded to the fort walls, where they broke open the stable 
of Lieut.-Gov. Colden, taking out his coach, marched 
with it through the streets to the commons, where a gal- 
lows was erected; on one end was suspended the effigy 
of the Lieutenant-Governor. "In his right hand he held 
a stamped bill of lading and on his breast was affixed 
a paper with the following inscription: The Rebel in 
the year 1745/ At his back was fixed a drum, the badge 
of his profession; at the other end of the gallows hung 
the figure of the Devil, a proper companion for the 
other, as it is supposed it was entirely at his instigation 
he acted." They afterwards took the coach, effigy, drum 
and devil to Bowling Green, and in front of the fort they 
made a barn fire of them, where the Lieutenant-Governor 
and his friends could not but see them. 

"The whole affair was conducted with such decorum 



36 In the Revolutionary Period 

that not the least accident happened." The next evening 
they again assembled, and going to the fort, demanded 
of the Lieutenant-Governor that he deliver to their hands 
the stamp paper. The people were so determined that he 
sent the following: "The Lieutenant-Governor declares 
he will do nothing in relation to the stamps, but leave it 
to Sir Henry Moore to do as he pleases on his arrival. 
Council Chamber, Nov. 2, 1765. By order of His Honor 
Geo. Banyar, D-Cl-Con." 

You will note the first demonstration took place Nov. 
4, while the letter was dated Nov. 2, but not delivered 
till the second demonstration, on Nov. 5. There was 
considerable negotiation carried on between the Lieu- 
tenant-Governor and the people. Those in the fort be- 
came so alarmed they spiked the guns, for fear the peo- 
ple might capture them, and the spiking caused the Lieu- 
tenant-Governor much trouble, as later he was called 
upon to pay for removing the spikes. 

About the middle of December there was another 
demonstration. "Since our last Capt. Blow arrived here 
in 20 days from Quebec, by whom we have the very dis- 
agreeable intelligence of the Stamp Act having taken 
place in that Province. He has brought a stamped, 'Let 
pass' with him from Governor Murray which, was soon 
after his arrival stuck up at the Coffee House where 
numbers with dejected countenances went to see it." 
* * * * u On Tuesday evening a great multitude of 
people appeared carrying a gallows on which hung the 
effigy of the three men." Geo. Granville, Lord Colville 
and Gen. Murray, Governor of Canada. After parading 
through the streets they were burned. 

I regret I must pass over much, of the history relating 
to the Stamp Act, as it is not closely connected with our 
vicinity, and besides lack of space would compel me to do 
so. 



Continued Anti-Croivn Demonstrations 37 

In July, 1769, a meeting was called in relation to "the 
conduct of Simeon Cooley in daring infractions of the 
Non-Importation Agreement." Cooley was obliged to 
seek safety in the fort. "Major Pullain ordered a file of 
soldiers to Cooley's house, who were accordingly drawn 
up before his door with their musquets loaded." This did 
not please the people, and the major was told he had 
better return to the fort with his soldiers, which he did. 
Cooley consented to meet the inhabitants at the Mer- 
chants' Coffee House, but afterward adjourned to the 
fields, where he "implored the pardon of his fellow- 
citizens." The Sons of Liberty having secured a house 
(on the site of present southeast corner of Ann street and 
Broadway), called same Hampden Hall. Many of the 
cities had rescinded from their non-importation agree- 
ment, including Boston, "leaving Hampden Hall single- 
handed to cope with the mighty power of the combined 
forces of the Government and the mercantile classes of 
America." (Bancroft's History of the United States.) 
Sept. 7, 1770, a statue was erected of The Right Hon. 
William Pitt, Esq., at the junction of William and Wall 
streets, for "services he rendered America, particularly 
in promoting the repeal of the Stamp Act." In 1776 it 
was pulled down by the British soldiers. 

On Jan. 18, 1770, was the battle of Golden Hill (John 
street, near William street). This was the first blood 
shed in the War of the Revolution. 

The so-called "Boston Massacre" did not occur until a 
month later and was in no manner connected with the 
struggle for independence, being merely the outcome of 
a fight between some soldiers and employes of a rope 
walk. 

On Oct. 20, 1772, the people declared "tea commission- 
ers and stamp distributors" alike obnoxious and passed 
votes of thanks to the masters of vessels who had refused 



38 In the Revolutionary Period 

their ships to the use of the East India Company. On 
Nov. 25, 1773, the "Mohawks" were notified to hold them- 
selves for the arrival of the ships bearing the tea from 
Europe, which were about due. The ships with tea for 
New York having been driven by stress of weather to 
Antigua, the Boston ships arrived at that city first 
"securing to it the honor of a 'tea party/ which would 
otherwise have been awarded to New York." 

It was on the 18th of April, 1774, when the tea ship, 
the Nancy, Captain Lockyer, arrived off Sandy Hook. 
Owing to the storm of April 2 she was badly damaged. 
Holt's New York Journal, April 21, 1774, said: "Ever 
since her departure from Europe she has met with a 
continued succession of misfortunes, having on board 
something worse than a Jonah, which, after being long 
tossed in the tempestuous ocean, it is hoped, like him, 
will be thrown back upon the place from whence it came. 
May it teach a lesson there as useful as the preaching 
of Jonah was to the Ninevites." 

The ship was taken in charge by a committee of 15 
from the Sons of Liberty. Captain Lockyer was met at 
the wharf where he landed by a large number of citizens. 
Henry White, to whom the cargo was consigned, refused 
to receive it, and advised the captain to return to Eu- 
rope. On April 21, 1774, a handbill was posted through- 
out the city calling on the people to meet the following 
Saturday at Murray's wharf (foot of Wall street), at 
nine o'clock in the morning, to witness Captain Lockyer's 
departure and "show him with his own eyes their detes- 
tation of the measures pursued by the ministry and the 
India Company." The bells of the city were to be rung 
about an hour before his departure. While on shore the 
Sons of Liberty had him in charge and he was lodged in 
the Coffee House, corner Wall and Water streets. Satur- 
day, April 23, "A greater number than ever before as- 



Tea Ship "Nancy" Seized 39 

sembled to escort him to the wharf." The committee 
who had him in charge brought him out on the balcony, 
"the band struck up 'God Save the King/ while shouts 
of triumph ascended from the people below" (Gruppe's 
painting represents this occurrence) , he was escorted to 
the foot of the street, placed on a sloop, and with the 
committee, who guarded him, carried down to his ship. 
This was done openly, without any "disguise or masks," 
due notice being given of the intended meeting, while 
the "Tea party" of Boston was done in the night un- 
der the disguise of masked Indians. The meeting at 
Faneuil Hall, Boston, did not take place until Friday, 
May 13, 1774, nearly a month after that at Merchants' 
Coffee House. 

The agreement between the Colonies was that the Tea 
ships should not be allowed to come up to their docks. In 
Boston this was not adhered to, thereby causing the 
spectacular incident, well known to everyone. New York 
fully carried out the agreement. 

Birthplace of Our Union 

A True Copy of the Famous Letter of 1774. 
On Thursday, May 19, a general meeting of the cit- 
izens was called at the "Coffee House in Wall street" "to 
confirm the nomination for a general committee of 51, 
to correspond with our sister colonies upon all matters 
of moment." The first meeting of the committee was 
held on the 23d. The note of Boston asking for assist- 
ance from the other colonies in the matter, the blocking up 
her harbor, etc., was referred to a sub-committee com- 
posed of Alex. McDougall, Isaac Low, James Duane and 
John Jay. On the same evening the committee reported 
the answer. 

"New York, May 23, 1774. 

"The alarming measures, of the British Parliament relative to 
your antient and respectable town which has so long been the seat 
of freedom fills the inhabitants of this City with inexpressable 



40 In the Revolutionary Period 

concern. As a Sister Colony suffering in defense of the rights, of 
America. We consider your injuries as a common cause to the 
redress of which it is equally our duty and our interest to con- 
tribute. 

"But what ought to be done in a situation, so truly critical while 
it employs, the anxious thoughts of every generous mind, it is very 
hard to determine. Our Citizens have thought it necessary to 
appoint a large Committee consisting of fifty-one persons to corre- 
spond with our Sister Colonies in this and every other matter of 
public moment, and at ten o'clock this forenoon we were first as- 
sembled. 

"Your letter enclosing the vote of the town of Boston and the 
letter of your Committee of correspondence was immediately taken 
into consideration. While we think you justly entitled to the 
thanks of your Sister Colonies for asking their advice on a case 
of such extreme consequence, we lament our inability to relieve 
your anxiety by a decisive opinion. The caus.e is general and con- 
cerns a whole continent who are equally interested with you and 
us and we foresee that no remedy can be of avail unless it pro- 
ceeds from the joint act and approbation of all. From a virtuous 
and a spirited Union much may be expected, while the feeble 
efforts of a few will only be attended with mischief and disap- 
pointment to themselves, and triumph to- the adversaries of our 
liberty. Upon these reasons we conclude that a Congress of depu- 
ties from the colonies in general is of the utmost moment that it 
ought to be assembled without delay and some unanimous resolu- 
tion formed in this fatal emergency not only respecting your de- 
plorable circumstances, but for the security of our common rights. 
Such being our s.entiments, it must be premature to pronounce any 
judgment on the expedient which you have suggested. We beg, 
however, that you will do us the justice to believe that we shall 
continue to act with a firm and becoming regard to American free- 
dom and to co-operate with our Sister Colonies in every measure 
which shall be thought salutary and conducive to the public good. 
We have nothing to add but that we sincerely condole with you 
in your unexampled distress and to reques.t your speedy opinion 
of the proposed Congress, that if it should meet with your appro- 
bation we may exert our utmost endeavors to carry it into exe- 
cution. "By order of the Committee of Correspondence. 

"ISAAC LOW, Chairman." 

Since writing the above, I have found, through the as- 
sistance of Mr. Wilberforce Eames, of the Division of 
American History, New York Public Library, the orig- 
inal letter long presumed to be lost. 

This was one of the most important letters ever writ- 



The Famous Letter of May 23, 1774 41 

ten, solving in few words the problem that had for years 
been before the Colonies, and made possible a new and 
great nation. From it resulted the first Continental 
Congress, held in Philadelphia. The committee selected 
the Merchants' Coffee House as its headquarters and 
thenceforth on all meetings and letters dated from there. 

April 24, 1775 — News of the battle at Concord and 
Lexington was received. The people, headed by "Lamb, 
Sears and McDougal, took possession of the City Hall, 
distributed the arms which were kept there, detained 
every vessel then in port which was up for the eastern 
colonies, demanded and received the keys of the custom 
house." A grand Committee of Safety was organized; 
those who supplied the British forces with provisions 
were seized. "From that moment all business was sus- 
pended in the city, and between April 24 and May 1, 

1775, confusion reigned supreme. Then the ablest men 
in the community assumed control, and calling a mass 
meeting at the Merchants' Coffee House, which had 
practically become the seat of government, organized a 
provisional Committee of One Hundred to administer 
the public business." — Frederick Trevor Hill. 

During the Revolution many matters of importance 
occurred in our neighborhood. On the 21st of September, 

1776, the great fire took place; its orgin was in a small 
wooden house on the wharf near Whitehall slip. "The 
raging element is described as terrific and sublime"; it 
burned up Broadway on both sides until the fire was 
arrested on the east side of Mr. Harrison's brick house. 
But on the west side it destroyed all the buildings as far 
as St. Paul's Church. "Trinity Church, though stand- 
ing alone, was fired by the flakes which fell on its roof, 
which was so steep that no one could stand on it to extin- 
guish the falling embers. Four hundred and ninety-three 
houses were consumed." The origin of the fire was at- 



42 In the Revolutionary Period 

tributed by the British to ' 'incendiarism on the part of 
the rebels." The burnt district was not rebuilt for some 
time, being occupied by temporary huts covered with 
canvas and was called "Canvas Town." 

April, 1776 — Washington arrived and active prepara- 
tions were made for the city's defense. There was a 
battery at the foot of Wall street on the pier and a 
breastwork near the Coffee House, while McDougars 
battery was stationed a little west of Trinity. (When the 
old wooden water pipes of the Manhattan Company were 
being removed about 1880, the writer found in front of 
102 Front street an old bombshell and an English penny 
dated 1737). 

The Declaration of Independence was read from the 
steps of the City Hall, July 16, 1776. With the capture 
of Fort Washington, in November, the city again was 
occupied by the British, and Wall street became the seat 
of government, the "Royal Governor, General Robertson, 
occupying the Verplanck mansion, between William and 
Nassau streets, now occupied by the Assay Office." Fred- 
erick Trevor Hill says : "The famous Coffee House quick- 
ly became the favorite resort of all the army and navy 
officers quartered in the town." It was during this win- 
ter that the excessive cold snap occurred. The ^ay was 
frozen over to such an extent that cannon were trans- 
ported over the ice to Staten Island. 

Evacuation of the City by the English. 

It was not until November, 1783, that the American 
troops again took possession of the city, on the evacua- 
tion by the British. The following was the programme 
(from original in possession of the New York Historical 
Society) : 

New York, Nov. 24, 1783. 
The committee appointed to conduct the order of receiving their 



Evacuation of New York by the English 43 

Excellencies Governor Clinton and General Washington, beg leave 
to inform their fellow citizens that the troops under the command 
of Major-General Knox, will take possession of the city at the 
hour agreed upon Tuesday next, as soon as this may be performed, 
he will request the citizens who may be assembled on Horseback 
at the Bowling-Green, the lower end of Broadway, to accompany 
him to met their Excellencies Governor Clinton and General Wash- 
ington at the Bulls-Head, in the Bowery, the citizens on foot to 
assemble at or near the "Tea Water Pump" at Fresh Water. 

ORDER OF PROCESSION. 

A Party of Horse will proceed their Excellencies and be on 
their flank. After the General and the Governor will follow the 
Lieutenant-Governor and Members of the Council of the Tem- 
porary Government of the Southern Parts of the State. The Gen- 
tlemen on Horseback, eight in front, thos.e on foot in the rear of 
the Horse, in like manner, their Excellencies, after passing down 
Queen street (Pearl street) and the Line of Troops up the Broad- 
way, will alight at Cape's Tavern (115 Broadway). 

The committee hope to see their fellow citizens conduct them- 
selves with Decency and Decorum on this joyful occasion. 

CITIZENS TAKE CARE. 
The inhabitants are hereby informed that Permission has been 
obtained from the Commandant to form themselves in patrol this 
night and every order requisite will be given to the guards, r,s 
well as to aid and as,sist as to give protection to the patroles, and 
that the countersign will be given to Thomas Tucker, No. 51 Water 
street, from whom it can be obtained if necessary. 

The reader should remember that Water street then 
commenced at Old Slip. After the procession in the 
evening, Washington attended a banquet at Fraunce's 
Tavern given by Governor Clinton. At this same his- 
toric tavern, Dec. 4, Washington bade farewell to his 
officers. John Simmons' Tavern, northwest corner Wall 
and Nassau streets, was the present site of The Bankers 
Trust Company's new building. 

James Duane was installed as first American Mayor 
of New York. Frederick Trevor Hill, in his "Story of 
a Street," says: "Indeed, the fat, good-natured counte- 
nance of this rotunde boniface was for many years one 
of the familiar sights of Wall street, over which he 
used to preside, squatting in his doorstep and exchanging 



44 In the Revolutionary Period 

salutations with all passers-by, and the story that part 
of his tavern had to be torn down to remove his pon- 
derous body when he died is a well-authenticated tradi- 
tion of the times." 

The Chamber of Commerce meetings had been held 
at the Merchants' Coffee House, and it was incorporated 
from there April 13, 1784. It also entertained the first 
Congress here. The Society for the Manumission of 
Slaves, of which John Jay was the first president, held 
their first meetings in this historic old Coffee House.* 

Inauguration of General Washington, 
There was much of interest taking place in Wall street. 
The City Hall had been remodeled into Federal Hall. It 
was considered the "most artistic and imposing building 
projected in any Amercian city/' On March 3, 1789, 
the building was formally tendered to Congress and be- 
came the national capitol, and here Washington took oath 
as President. Landing from a barge at Murray's Wharf, 
foot of Wall street, he marched "through that seething 
crowd to Queen [Pearl street], to the Franklin House 
which had been prepared for his reception." The street 
from the wharf to Trinity Church was decorated with 
flags and banners. Wall street was now the most ex- 
clusive residential part of the city. 

It is quite impossible, in any reasonable limits, to enter 
into particulars of all the incidents which occurred at 
this period of which the Coffee House was the scene. 
Let it be sufficient to go into detail of the crowning glory 
of its history. 

"On the 23d of April, 1789, a Federal salute from the 



*See picture of Merchants' Coffee House tablet for complete list 
of organizations and institutions that held their meetings in 
that building. The Manhattan Company were also organized here, 
April 11, 1797. The writer regrets that he did not learn this fact 
until it was too late to include the name in the tablet. 



Inauguration of General Washington 45 

Battery announced that President Washington had ar- 
rived and was coming up the East River to the landing 
at Murray's Wharf. He was received at the City Coffee 
House, as it is termed in the newspapers, by the Gov- 
ernor and the principal officers of the State, the Mayor 
and the principal officers of the corporation, and then 
accompanied to the house prepared for his reception with 
an escort of military and citizens." — John Austin 
Stevens. 

At the Merchants' Coffee House were held the public 
vendue or auctions, sometimes on what was known as 
Coffee House Bridge. The principal auctioneers were An- 
thony L. Bleecker, P. M. Davitt, Templeton & Stewart, 
Daniel McCorwith. 

There have been many interesting stories as to the 
first organization of the New York Stock Exchange. 
Some authorities say it was organized under a cluster of 
;trees at the corner of Wall and William streets, 1792. 
Others give the credit to the Tontine Coffee House, 1791. 
In 1790, however, the sworn Board of Brokers held their 
meetingin the Merchants' Coffee House, and the following 
appeared in the Journal, December 20, 1790 : "The aver- 
age prices at Messrs. Putnam and Bleecker's public sale 
at the Coffee House long room on Friday last were (list 
of stocks). January 6, 1791 — The sales of stocks have 
been very dull for several days, which render it difficult 
to affix prices," 

Most of the old firms were clustered about our location : 
William Backhouse was in Wall street, three houses above 
the Coffee House Bridge, and "hath for sale wines, 
broadcloths, beaver and racoon furs, deer skins, red 
hair and Indian dressed" ; Henery Van Vleck & Son, At 
their Store in Great Dock street, an assortment of Eu- 
ropean and India Goods. 

Peter Stuyvesant "who for some years past drove a 



46 In the Revolutionary Period 

stage from Powles Hook to Browns Ferry proposes to 
revive same again and will set out the first Monday in 
May next [1774]. " Hallet and Hazard on Water street 
had a full assortment of European and India Goods. 
Marinas Willett had his vendue store in our neighbor- 
hood, and sold every article in the "cabinet and chair 
way." Hunt and Muffett sold saddles, coach, chaise and 
harness, at their manufactory, front of Coffee House 
Bridge. 

Van Zandts and Ketitas, at their store near the Coffee 
House, were ironmongers, and also had 100 tons of Hon- 
duras log-wood; Samuel Copperthwait facing the Coffee 
House Bridge, between John Remington and Gavit Noels, 
had a shoe store. John Hutt, engraver in general and 
copper plate printer, was directly opposite the Coffee 
House, in Water street. 

Fraunces Tavern. 

The most famous of the old taverns at the present day 
is Francis* (or Fraunces) Tavern corner Pearl and Broad 
streets, owned by the Sons of the Revolution, who spent 
large sums of money on its restoration. In fact, it is one 
of the very few historical buildings now remaining. Vis- 
itors are always welcome, and they may view a fine 
collection of Revolutionary relics on exhibition in the 
long room. That the true history of this old tavern is 
so wrapped in myth is much to be regretted. There were 
many taverns and inns, whose location, owing to there 
being no street numbers, can be traced only by the ad- 
vertisements of their proprietor's removal. Certain fixed 
points of designation were used, such as "The Fields," 
City Hall Park — "Bowling Green," southerly end of 
Broadway — "Merchants' Coffee House," south east cor- 



* The name was Francis until about 1775. 



Events at Fraunce's Tavern 47 

ner Wall and Water street — "The Exchange' ' (The Royal 
Exchange) , lower end of Broad street. The following I 
copy from New York Weekly Gazette and Mercury, Oct. 
1, 1770:— 

"On Thursday, the 20th instant, will be opened the 
Queens Head Tavern near the Exchange, for many years 
kept by the Subscriber (later by Boltin and Sigel) is now 
fitting up in the most genteel and convenient Manner for 
the Reception and Entertainment of those Gentlemen, 
Ladies and others who may please to Favor him with 
Company. As the best Clubs and the greatest Enter- 
tainments in this city were at the above Tavern. The 
Time of the Subscriber he flatters himself the Publick 
are well satisfied of his Ability to serve them as to ren- 
der the Swelling of an advertisement unless other than 
to assure his former Friends and the Publick in general 
that every Endeavor will be used to give them the high- 
est Satisfaction and the Utmost Respect on all occasion 
shews by their already much obliged and very obedient 
Servant, Samuel Francis. 

"N. F. Dinners and Supper dressed to send out for 
Lodgers and others who live a Convienent Distance also 
Cakes, Tarts, Jellies, Whip Syllabubs Blaumage, Sweet 
Meats in any quantity, Cold Meats in Small Quantity, 
Beef Stakes, etc., at any Hour/' 

June 21, 1771, Samuel Francis advertises his Vaux 
Hall and Gardens (Trinity Church) lease for sale, same 
having 61 years to run, his reason for selling "Not being 
able to attend both his houses and in the Manner he 
could wish and as the favour he hath received from the 
Public in general so highly merrits. For further par- 
ticulars Enquire of Mr. Francis at his home the Queens 
Head Tavern near the Exchange." 

. The first mention of Francis, as Fraunces, was in an 



48 In the Revolutionary Period 

advertisement of Erasmus Williams who purchased the 
lease of Vaux Hall and called him Samuel Fraunce. 

This old building was erected in 1719 by Etienne De 
Lancy, son-in-law of Colonel Stephanns Van Cortlandt, 
and used as a residence until 1762 when it was opened 
as a tavern by Sam Francis, a West Indian. Many his- 
toric events took place here including the dinner given 
to General Washington and the French Ambassador 
Luzerne by Governor Clinton, and in the "long room" 
Washington bid farewell to the officers of the American 
army. 

Description of Fraunces Tavern 

New York Gazette and Mercury. 
Queen's Head Tavern. 

March 13, 1775— "To be sold at the Merchants' Coffee 
House on Tuesday, the 3rd of April, at noon, by public 
auction or at private sale any time before. The Queen's 
Head Tavern, near the Exchange, is three stories high 
with tile and lead roof, has 14 fire places, a most ex- 
cellent large kitchen, fine dry cellars, with good and 
convenient offices sufficient for a large family, the busi- 
ness above mentioned, a Merchant or any other large 
trade, is a corner house very open and airy and in the 
most complete repair, near the new ferry. Further par- 
ticulars and a good title will be given by Samuel Francis 
who so far from declining his present business is deter- 
mined to use ever the utmost endeavors to carry on the 
same, to the pleasure and satisfaction of his friends and 
the public in general." 

The sale was adjourned until 18th, as on the 17th, the 
following advertisement appeared: "To-morrow the val- 
uable house and lot, (The Queen's Head Tavern) will be 
struck off Preemptly at the Merchants' Coffee House be- 
tween the hours of Twelve and One O'clock." 









o C 
2 t 






Ed 



H3 ■* 
68 (2 



i 



Removal of Old Families from Neighborhood 49 

June 5th, an advertisement stated: 'The Queen's Head 
Tavern, near the Exchange, kept by the said Francis and 
Campbell as usual." They also had a tavern "the corner 
of Warren street in the road to the Water Works." 

In Towne's Evening Post of Pennsylvania, in an ac- 
count of the firing on the city by the British man-of-war 
Asia, midnight of Aug. 23, 1775: "A house next to 
Roger Morris and Samuel Fraunces at the corner of the 
Exchange each had an eighteen pound ball shot into 
their roofs, some other houses suffered little, but the 
principal damage was sustained by small buildings ad- 
joining the Battery. No lives lost and but very few of 
our people wounded." 

The Sons of Liberty were removing some cannon from 
the Battery, and one of the Sons, by accident, discharged 
his gun. The Asia, believing it was intended, replied 
with a broadside which was returned by the Sons of Lib- 
erty who had only muskets. One of the Asia's crew was 
killed. Most of the cannon were removed and hidden. 

In 1786, our neighborhood was losing cast as a resi- 
dential location, while Wall street was said to be "gen- 
erally wide, elevated, and the buildings elegant," having 
the homes of many of the "old families." Robert Morris 
was at No. 1, William Edger No. 7, William Denning 
No. 10, Brockholst Livingston No. 12, John Lawrence 
No. 13, David Johnson No. 17, Edward Goold No. 48, 
Mrs. White No. 50, William S. Livingston No. 52, Alex- 
ander Hamilton No. 57, and Robert Troup No. 67. How- 
ever the street was pretty well taken up with business. 
There were three porter houses between Pearl street and 
Broadway. (The street numbers at that time did not 
run as at present.) 

The Merchants' Coffee House, southeast corner Wall 
and Water streets, (then Coffee House Slip) , was the cen- 
tral locality of the neighborhood. Directions estimated so 



50 In the Revolutionary Period 

far south, west or north from the Coffee House, were 
usually found in the advertisements of the day. The pro- 
prietor was Cornelius Bradford who died November, 
1786, aged 57 years. "A very worthy and respectable 
citizen. During the late struggle for American liberty, 
Mr. Bradford evinced his attachment to his country. The 
Coffee House in this city under his management was kept 
with great dignity both before and since the war. He has 
left a disconsolate widow and several children to lament 
his loss." In this Coffee House over 50 per cent, of the 
public meetings were held. The first New York directory 
was compiled by David Franks and printed 1786 by 
Shepard Kollock, printer and bookseller, corner of Wall 
and Water streets, presumably the northeast corner 
where the offices of Grossman & Sielcken now are. 

The city then had 23,614 inhabitants. The Directory 
contained "A Valuable and well calculated Almanac. 
Tables of the different coins suitable for any State," etc. 

David Franks was what would now be called a public 
accountant. He wrote a "Treatise of Bookkeeping, Di- 
gested for the Inland and Foreign Trade of America." 
He also offered his service as "Convegencer and account- 
ant," at 66 Broadway. He served his apprenticeship to 
his father, in Dublin, and for years having transacted 
business for Counsellor Franklin, of this city, "He hopes 
will entitle him to the continuance of the Gentlemen of 
the Law Department in this Metropolis, to merit whose 
esteem and approbation will be his particular study." 

He had a difficult undertaking in his Directory "as the 
numbers of subscribers are but few, which I attribute to 
a want of knowledge of the utility of this production, 
* * * it being the first of the kind ever attempted in 
this city." "He makes bold to call on the citizens at large 
for every information that they think will prove con- 
ducive to its future correctness. Their directions will be 



Real Estate Values in 1786 51 

thankfully received and acknowledged." The Directory 
is full of information, and even to-day is very interesting 
reading. Much honor is due David Franks, as he spent a 
great deal of time with, I am sure, no money compensa- 
tion. That he seems to be forgotten does not speak well 
for our city. We are to be congratulated that, in our 
neighborhood, was published this important work. 

A few events occurring in our neighborhood just after 
the war for Liberty, quoted from the newspapers about 
1786. The offices of the principal newspapers were 
located in this neighborhood: The Daily Advertiser, 
printed by Francis Childs "at the new printing office, 189 
Water street, mid-way between the Coffee House and the 
Fly-Market"; The New York Packet, published every 
Monday and Thursday by Samuel and John Loudon, print- 
ers to the State, No. 5 Water street, between the Coffee 
House and Old Slip ; The New York Gazette and Country 
Journal, printed by Shepard Kollock, every Tuesday and 
Friday, at the corner of Wall and Water streets, opposite 
the Coffee House ; The Neiv York Journal or the Weekly 
Register y printed by Eleazer Oswald, at 25 Water street, 
four doors above the Old Coffee House; The New York 
Morning Post, printed by William Morton at 22 Water 
street, opposite the Coffee House. 

Some idea of the value of real estate in our neighbor- 
hood is shown by the following advertisement, March 
15, 1786: 

"To be sold to-day at public auction at the Coffee House, a part 
of the estate of David Provost, deceased, consisting of a house 
and lot corner Chapel and Nassau streets, opposite the New Brick 
Meeting House, occupied by Henry Vandewater, yearly rent 18 
pounds. A house and lot in Nassau street adjoining the above in 
possession of John Livingston, yearly rent 20 pounds. One brick 
house and lot in Hanover Square opposite Peter Goelot's, occupied 
by Uriale Hendricks; one ditto fronting the Old Slip adjoining 
the above, same tenant both houses, rent yearly for 100 pounds. 



52 In the Revolutionary Period 

One house and lot in Little Dock street (now Water street below 
Old Slip), next to Stern and Sickles, in possession of Peter McGee, 
rent 50 pounds. One ditto on Congers Wharf near the above 
occupied by William Parkinson, rent 70 pounds. One brick dwell- 
ing house and lot in Wall street opposite the Coffee House (about 
where 96 Wall street now is) now in possession of James Weir, 
is a tavern the sign of the "Grand Master." 

The reader will notice that rents in comparison to pres- 
ent values were in our location much higher than in 
Nassau street ; what a difference from the present time ! 

"It is curious to observe the methods practiced by 
carmen, porters and dram drinkers to get a little drop of 
the creature without paying for it. When a cask of 
spirits is set out about the Coffee House bridge for public 
sale, these obliging gentlemen flock about it like a swarm 
of flies about a hogshead of molasses on a warm day, and 
each being furnished with a proof glass fastened to a 
string, they dip and sip and chop it against the side of the 
cask to raise bubbles upon it, by the counting of which 
they are become perfect connoisseurs in strong waters." 

June 30, 1776. — "We are glad that a subscription is at 
last set going for the improvement of the lower end of 
Wall street. We hope the citizens and, particularly the 
auctioneers, who would receive so much benefit from the 
improvement, will add their names to the list open at the 
Coffee House." 

"The proprietors of that part of Wall street, between 
the Coffee House and Old Slip deserve the applause of 
their fellow citizens for the assiduity displayed in raising 
their street and remodeling its pavements. From one of 
the most disagreeable and dirty streets, it is now rendered 
one of the most elegant and agreeable in the city." 

What a store-keeper had in his stock is shown by Peter 
Goelet's advertisement. His store was at No. 48 Han- 
over Square. He received in the last vessels from Lon- 
don "a very large and general assortment of ironmongery, 



Robert Goelet's Advertisement of Goods 53 

cutlery, saddlery and hardware, all kinds of tools and 
materials for clock and watchmakers, gold and silver- 
smiths, joiners, carpenters, black and gunsmiths, sad- 
dlers, shoemakers, etc. Also refined bar-iron, Crowley 
and blistered steel, cast-iron, griddles, pots, kettles, cart 
and wagon boxes, andirons, anvils, vices, shovels, spades, 
frying-pans, crucibles, black lead pots, nails, saws, tongs 
and shovels, brass-ware, candle-sticks, branches, etc., a 
great variety of brass furniture for cabinet makers, also 
stationary, Japanned and copper ware, violin and guitar 
strings, harpischord wire, pewter spoons, coat, vest and 
sleeve buttons, leather and hair trunks, boot-legs and 
vamps, bench leather soles, etc., etc., and a consignment 
of playing cards." The business must have been very 
profitable for, to-day, the Goelet estate is one of the 
largest holders of real estate in New York. 

The following items were in one of the papers, January, 
1786 : "Isaac Roosevelt having repaired his sugar house, 
is now carrying on his business of refining as formerly 
and has for sale (by himself and son) at his house, 159 
Queen [Fearl] street opposite the Bank, Loaf -Lump and 
strained Muscovado Sugars and Sugar House Treacle. 
The New Emission Money will be received in full value 
as payment." 

"To be sold, a negro man about 33 years old, sober, 
smart and understands all kind of town and country work. 
Also the time of a negro boy 14 years of age. Enquire at 
the Intelligence Office, 22 Water street, opposite Coffee 
House." 

"Ran away from her place at 55 William street, a 
mulatto wench named Diana. She is good looking, about 
20 years old, middle sized, had on a blue stuff shirt gown, 
a yellow calico petticoat spriged, a new pair of leather 
shoes and soiled silver buckles, a black silk bonnet and 



54 In the Revolutionary Period 

mixed colored cloth great coat. She took with her a 
variety of articles and may appear in a chintz bedgown 
and a quilted stuff petticoat. Whoever apprehends the 
said wench shall have two dollars reward." 

Those who take any interest in the events of our city's 
earlier days cannot but regret that the one small street, 
whose every inch has some historical event connected with 
it and which is to-day the great money center of the world, 
remains almost without monument or tablet to remind 
those of to-day that in this street the greatest happenings 
in our country's history took place. 

Boston and Philadelphia mark with pride purely local 
events, while where once stood the old Merchants' Coffee 
House, the birth place of our Union, is known to but few, 
yet it should be the point of pilgrimage of every American 
citizen* 

History of the "Tontine Building" 

In our locality were many of the popular taverns and 
coffee houses. Across Water street was the new Coffee 
House, built in 1773. The proprietor was Madam Ferrara, 
who formerly kept the Merchants' Coffee House. It was 
often mentioned in the papers of that date, for nearly a 
year, after which it was seldom spoken of. The Mer- 
chants' Coffee House had been such a great success, at the 
death of Mr. Bradford, the proprietor, in 1786, there 
was talk of building a new and large tavern, but it was not 
until 1790 that any definite plan was determined upon, 
and the building was commenced in 1792. Through the 
kindness of Mr. Charles O'Donohue, I was enabled to 
obtain a complete history of this building, which is given 
in full. 



* Since this paragraph was written a fine large tablet has been 
erected on the site. 



Beginning of Tontine Building 55 

[From Frank Leslie's Illustrated Newspaper, December 
29, 1855.] 

"The New Tontine Building, Wall Street, New York 

'The old edifice stood on the northwest corner of Wall 
and Water streets in this city. It was commenced in or 
about 1792, by an association of merchants, and com- 
pleted in or about 1795 for the purpose of providing 
suitable accommodation for the common convenience, 
and center for the daily intercourse, of the mercantile 
community. By the constitution under which such Asso- 
ciation was formed, 203 shares were subscribed for at 
$200 a share, severally depending upon a life selected by 
each subscriber, who stated, in the memorandum accom- 
panying such subscription, the age, sex and parentage of 
the respective nominees, during whose natural existence 
he was to receive his equal proportion of the net income 
of the establishment. 

"Upon the death of the nominee the subscriber's inter- 
est ceased, and this interest became thereby merged in 
the owners of the surviving nominees. The original 
shares were assignable, and held as personal estate, and 
the whole property was vested in five trustees, who were 
to be continued in the manner pointed out in the above 
constitution, and who were to hold the same until the 
number of such nominees were reduced to seven, when 
the holders of the shares, contingent upon these surviving 
nominees, became entitled to conveyance in fee by the 
trustees of the entire premises, to be equally divided 
between them. 

"The nominee himself did not, as such, have an interest 
in the Association ; for each subscriber, in naming some 
person, generally a child, looked to such as had the prom- 
ise of length of life. 



SB 



56 In the Revolutionary Period 

"The plan of this Association originated from the 
scheme of Lorenzi Tonti, a Neapolitan, who introduced it 
into France in 1653, under Louis XIV., and hence the 
word Tontine came to designate a loan advanced by a 
number of associated capitalists for life annuities, with 
benefit of survivorship. There is, however, a distinction 
between the present plan and the scheme of Tonti. His 
intent was the establishment of a company who should 
each contribute a like amount of capital, to be loaned 
to a responsible party, at a certain rate of interest, 
which was to be divided between the members of the 
same age; but where there was a diversity of age, ac- 
cording to the fixed ratio, the elder received more and 
the younger less. As the members died off, the survi- 
vors absorbed their respective interests, and when the 
last surviving members died, the borrower took the whole 
capital. 

"But in the plan of this Tontine Association, the own- 
ers of the seven surviving shares, depending upon a like 
number of lives, take the whole property in equal pro- 
portion to their surviving nominees; and, in this case, 
149 of the nominees are now dead, who represented 
corresponding interests upon their selection represented 
by, and depending upon, a like number of lives which, 
in May, 1885, were reduced to 51. 

"The above constitution bears date on the 4th of June, 
1794, but the nominations by the subscribers were not 
wholly completed until March, 1795. 

"The Association, in their preamble, named the building 
the Tontine Coffee House, and it was thereby directed 
to be kept and used as a coffee house. But in the opening 
of the exchange a little higher up in Wall street, the in- 
terests of the shareholders demanding a change in this 
special appropriation, they applied to the Court of 




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History of Tontine Association 57 

Chancery for permission to let the premises for general 
purposes, and by its decree in 1834 the above restrictions 
were removed. 

"Subsequently doubts having arisen respecting the 
validity of the trusts under which the trustees took and 
held the property, in consequence of the Revised Statues 
on the subject, the Legislature, in 1843, passed an act 
confirming the same, and altered the name to the Ton- 
tine Building, and directed that the management of the 
affairs of the concern be by, The Committee of the Ton- 
tine Building, who receive, besides their other duties, the 
income of the establishment, and divide the net proceeds 
on the second Tuesday of each month of May among the 
owners of the shares, depending on the nominees alive 
on the previous first day of the same month. 

"The Association, on the 4th of June, 1885, will have 
existed 91 years. In examining the statistics in refer- 
ence to the successive diminution of shares by death the 
interesting fact is disclosed that the laps of shares from 
year to year, is in proportion, with slight variation to 
the relative number of both males and females. The ex- 
istence of so many of the nominees, after such a lapse of 
time is admitted by the annuity tables, here and abroad, 
to be very unusual, if not unprecedented; but it should 
be recollected that the nominees originally selected were 
children of persons in easy circumstances, and that these 
were not, in general subjected to the exposure of priva- 
tions incident to the masses, the average of whose lives 
formed the basis of the usual calculations on this sub- 
ject. 

"A calculation made by Mr. DePeyster in 1839, of the 
probable existance of 93 nominees then in being, based 
upon the different tabular precedents recognized here 
and in England as authoritative, led him to the conclu- 



58 History of Tontine Association 

sion that this number would, in or about 1874, be re- 
duced to seven ; when the trust would terminate, and the 
property be conveyed to the owners of the seven shares 
depending upon the surviving lives. " 

From an interesting article on the subject of this As- 
sociation in "The Journal of Commerce" we make the 
following extract, which conforms to present statistics : 

"There are few, however, whose age links them to the 
olden time, when it was the chief center of the commer- 
cial interests, who cannot recall scenes within its walls 
the like whereof we shall never see again. A public 
meeting convened within its roof sent forth a decision 
which was almost universally respected. As a single in- 
stance of this let as turn back for 40 years when the 
habit of distributing expensive scarfs to bearers and 
others at ordinary funerals was so prevalent that many 
poor families were sorely pinched to provide this neces- 
sary mark of respect for departed relatives. Some ben- 
eficial individuals seeing the evil influence of such a 
fashion, called a meeting at the Coffee House, when 
nearly 200 of those whose weight of character gave force 
to their decisions, signed a pledge to abstain from the 
custom of distributing scarfs, except to the attending 
ministers and physicians. 

"This was the death knell of the oppressive fashion. 
In matters of more vital moment, when great public in- 
terests were at stake a voice has gone out from the said 
Coffee House which, like a recent echo from Castle Gar- 
den, has been heard throughout the length and breadth 
of the land. Some of the noblest charities too, which the 
world has ever witnessed, received their first contribu- 
tions beneath this time-honored roof. 

But the history of this organization is highly instruct- 
ing in another view. The longevity of the nominees has 



History of Tontine Association 59 

been remarkable, we believe beyond any similar experi- 
ment of the kind ever witnessed. It is true that the cir- 
cumstances under which their names were selected, would 
naturally lead us to expect for them a longer average 
period of existence, but this average has been so far ex- 
tended as to be quite extraordinary. Of the 203 whose 
names were handed in about 61 years ago, 51 still sur- 
vive. Of these the youngest is about 62, and the oldest 
is about 83. This is about one-third greater longevity 
than the average European estimates. Only three of the 
nominees died in 1854, or one of every 18, which, con- 
sidering their average age, was very remarkable. In 
this connection, we may digress for a moment to speak 
of the greater age which a majority of the people in 
easy circumstances throughout the State attain, as com- 
pared with those of other countries. 

"About 15 years ago, a gentleman then the president 
of the New York Life Insurance & Trust Company, 
wishing to ascertain some particulars upon which to base 
calculations for a safe rate of premiums for Life In- 
surance^ addressed 5,000 circulars, with tabular forms 
annexed to as many different families, asking that the 
tables be filled and returned to him. Of these about 
3,000 were returned completed, showing an average 
longevity greater than was ever before exhibited in any 
actual compilation since the days of man were shortened. 
Unfortunately the papers have not been preserved, but 
they were forwarded to London at the time they were first 
recorded, and excited universal astonishment. It is easy 
to see that the character of those who would answer the 
circular, the families must be solicited from those whose 
circumstances were most favorable to longevity, but they 
embraced all professions and occupations, and bore the 
marks of great care in preparation. 

"The subscribers, who originated the scheme, and 



60 History of Tontine Association 

their companions of those days, have left to their suc- 
cessors, however, a better legacy than the old Coffee 
House — a name of integrity and probity — an example of 
industry, liberality and promise-keeping, which cannot 
be valued to highly. May their spirits never be wanting 
in those who bear the enviable name of New York mer- 
chants, which they render so illustrious. This interest- 
ing old building was erected in the last century, and pre- 
sented many reminiscences connected with this busy 
thoroughfare, like those associated with the pleasant 
faces of long absent periods, again returned to greet us 
with their welcomes and their smiles. Here it is said, 
died the renowned Cook, that eminent tragedian whose 
delineation of the tragic muse in his day was without 
competition, surrounded by many of his contemporaries, 
patrons of the house, who continued with him in the 
last act in the drama of his eventful life. Hither men 
from every section of the country were attracted by his 
reputation and they regarded a visit to the Tontine in 
those days, as essential to the comforts and agreeability 
of the temporary sojourn in this city. Mark now the 
changes which a few short years have produced, in this 
growing and populous metropolis. The spirit of the age 
is seen in the breathing of the iron horse and in the 
growing movements of the wonder working press. Here 
night and day, George F. Nesbitt & Co. from their ex- 
tensive steam printing and stationery establishment, 
supply the wants of the vast commercial community 
with promptitude and dispatch, and have added to the 
renoun of this relic of a past age, by their well ap- 
pointed and efficient and thoroughly established printing 
house, which transmits through the commercial houses 
of this city and elsewhere, information connected with 
the trade, the resources, the supplies and the wants of 
the habitable globe. By the provisions of the Constitu- 



History of Tontine Association 61 

tion of this Association, the committee elected to man- 
age the property are authorized to execute a lease or 
leases thereof, to be confirmed when necessary, by the 
trustees in whom the fee is vested. If at any time doubts 
were entertained that, by the revised statutes, the trusts 
in question conflicted with the provisions therein ap- 
plicable to this matter, these were silenced by the Act of 
Legislature, which confirmed these trusts, it will be but 
a few days when every vestige of this time-honored land- 
mark, the only one of the last century now remaining in 
Wall street, will be removed and its place supplied with 
a more grand and costly edifice, in keeping with the 
spirit of age, and with the growing wealth and prosperity 
of this great city. It will be one of the many improve- 
ments which will always make that memorable thorough- 
fare and its vicinity, the center of the commerial and 
monetary business of this great and growing Republic. 

"Such was the language, but comparatively a few days 
since, of Frederick De Peyster, Esq., chairman of the as- 
sociation, and already has the prophecy been fulfilled. 
Every vestige of the honored landmark is gone and in 
its place arisen the magnificent building, a drawing which 
adorns our columns. It is a noble looking edifice, faced 
with French granite with a soft agreeable hue, and 
will, when entirely completed, cost over $60,000. It has 
a frontage on Wall street of 68 feet, and is five stories 
high; the ground floor is designed for banking corpora- 
tion ; the upper floors are approached by a handsome iron 
stair-case, and are most conveniently arranged for offices. 
Altogether the new Tontine Building is an ornament to 
the locality. Much has been said by the press, the great 
efforts have been made by the speculators from inter- 
ested motives to spread business over a greater area, 
but it can never be accomplished, only so far as necessity 
forces it, street by street, as one after another enters 






62 History of Tontine Association 

the mercantile commercial arena. The disadvantages 
of business of various kinds, intimately connected, spread 
over a wide surface is so distinctly understood by coun- 
try merchants and small dealers in our own city that it 
will ever be hugged in as close a compass as possible. 
Many who have tried the experiment of locating on the 
outer edge of the business circle are now seriously think- 
ing of returning to their old quarters again. Wall street 
must continue to be the street where the monied inter- 
ests of the vast country are centered, and Pearl and 
Water and Beaver and Broad and the streets crossing 
and running parallel will continue to represent the mer- 
cantile and commercial interests, notwithstanding the 
removal of some of the prominent firms within the last 
few years. Pearl street is beginning already to assume 
its wonted vigor, and but a few years will have elapsed 
when it will be counted again among the first commercial 
interests in the city; all that is necessary now is the 
erection of some commodious buildings adapted for the 
requirements of trade, and new life and energy will be 
infused in it. The right spirit among property holders 
will accomplish this." 

Thus the reader will note that the Tontine Building 
was not only used as an inn, but also as a merchants' ex- 
change, and was the first office building known to the 
city. Here the naval duel between Citizen Bompard, 
a French naval officer commanding the warship U Am- 
buscade, and Captain Courtney, of His Majesty's frigate 
Boston, was arranged. This remarkable contest took 
place near Long Branch. The English commander was 
killed and all the officers, excepting the sailing master, 
were wounded. The total losses were: Boston, 12 killed 
and 24 wounded ; U Ambuscade, 7 killed and 10 wounded. 
The frigates were very evenly matched, each carried 32 



History of Tontine Association 63 

guns. The Boston was badly whipped and obliged to run 
away. "Some enterprising mariners actually advertised 
that they would take passengers down to Sandy Hook to 
see the fight" (American Daily Advertiser, Aug. 1, 1793) . 
The fight lasted for several hours. 

Frederick Trevor Hill, speaking of the brokers, says: 
"The volume of business transacted by the brokers dur- 
ing these turbulent years was not very great and the 
dealings were limited to a few stocks." * * * From 
a notebook dated February, 1795, this entry has sur- 
vived : "I bet G. W. McEvers 10 dollars to 5 dollars that 
there would not be 3,000 votes taken at the ensuing elec- 
tion for governor in the city and county of New York. 
And again, Feb. 17, 1795, I bet Robert Cocks, Sr., a 
pair of satin breeches that Jay would be elected governor 
by a majority of 500 or more." Our friend won the 
satin breeches, as Jay was elected over Robert Yates by 
1,589.— (A. W.). 

The first set of trustees, 1791, were John Broome, 
Gulian Ver Planck, John Watts, John Delafield and Will- 
iam Laight. The second, 1811, Richard Varick, Mathew 
Clarkson, Francis B. Winthrop, John B. Coles and Gulian 
Ludlow; the third, 1827, Robert Lennox, Peter A. Jay, 
John Watts, Jr., and Frederick DePeyster; the fourth, 
Gulian C. Ver Planck, James DePeyster, John A. King, 
Anthony Halsey, Hamilton Fish; the fifth, John Watts 
DePeyster, William T. Lawrence, Richard King, and 
John De Witt Hook. 

The 203 shares were held by 157 shareholders. Will- 
iam Bayard, who held four, had the largest number; 
Comfort Sands, three; Daniel Ludlow, three; Joseph 
Winter, three; the balance, mostly, were held by those 
having one share. The building and fittings cost much 
more than the original estimate, causing several assess- 



64 The Tontine Building 

ments on the subscribers. I have occasion to again men- 
tion the second Tontine Building in my reminiscence. 

In 1870 a suit in partition was begun and not until 
1880 was the referee's report entered, when the build- 
ing was sold at public auction to Peter J. O'Donohue for 
$138,550. In 1905 he sold it to Tontine Company, who 
erected the present (the third) building, now the prop- 
erty of John B. and Charles A. O'Donohue, coffee mer- 
chants. 







A. A. LOW, 

A. A. LOW & BROTHER. 




R. J. de CORDOVA, 

DE CORDOVA SONS & CO. 



THE GREAT FIRES 

IN LOWER WALL STREET 

AND VICINITY 



The fire of 1804 started on the night of Dec. 18th, 
about two o'clock, in a grocery store in Front street. 
The whole block from the west side of Coffee House slip, 
in Water street, to the next door to Gouverneur Lane, 
and including all the buildings in Front street to the 
water, were swept away on that side of the slip, and 
the fire crossed Wall street and destroyed the buildings 
on the east side of the slip. Among the buildings de- 
stroyed were the old Coffee House and several brick 
stores, but most of the buildings were of wood. The 
whole number of buildings consumed was about 40. The 
loss was between one and two. millions of dollars. 

The great fire of New York occurred the night of 
Wednesday, Dec. 16, 1835. The fire broke out in the 
store of Comstock & Andrews, 25 Merchant street. The 
night was intensely cold, the thermometer being at or 
below zero and a fierce wind prevailed. The following 
account is taken from Courier and Enquirer, Dec. 17, 



.. ' 



66 The Great Fires 

the next morning: "South street is burned down from 
Wall street to Coenties Slip. Front street is burned 
down from Wall street to Coenties Slip. Pearl street 
burned down from Wall street to Coenties Slip, and was 
there stopped by blowing up a building. Stone street is 
burned down from William street to No. 32 on the one 
side and 39 on the other. Beaver street is burned down 
half-way to Broad street. Exchange place is burned 
down from Hanover street to within three doors of 
Broad street; here the flames were stopped by blowing 
up a house. William street is burned down from Wall 
street to South street, both sides of the way, Market 
House down. Wall street is burned on the south side 
from William street to South street, with the exception 
of Nos. 51, 53, 55, 57, 59 and 61 — opposite this office. 
All the streets and alleys within the above limits are 
destroyed. The following will be found a tolerably accu- 
rate statement of the number of houses and stores now 
leveled with the ground. Twenty-six on Wall street, 37 
on South, 80 on Front, 62 on Exchange place, 44 on Will- 
iam, 16 on Coenties Slip, 3 on Hanover Square, 20 on 
Gouverneur's lane, 20 on Cuyler's alley, 79 on Pearl, 76 
on Water, 16 on Hanover, 31 on Exchange, 33 on Old 
Slip, 40 on Stone, 23 on Beaver, 10 on Jones lane, 38 on 
Mill ; total 674 — six hundred and seventy-four tenements. 
By far the greater part in the occupancy of our largest 
shipping and wholesale dry goods merchants and filled 
with the richest products of every portion of the globe." 

Other accounts give the number of buildings destroyed 
as 528. The total loss was estimated at $17,000,000— 
$13,000,000 for the goods and $4,000,000 for value of 
buildings. 

There was also another large fire in 1845, which con- 
sumed 345 buildings, the loss being estimated at about 
$5,000,000. The portion of the city destroyed was lower 



Some of the Buildings Destroyed 67 

Broadway, Exchange place, Beaver, Marketfield, Mill, 
Stone, Whitehall, New and Broad streets. After the fire 
of 1804 the character of Wall street changed, becoming 
more commercial We find in 1811 that John Baker had 
a porter house at No. 4, and Samuel F. Randall one at 
No. 9. Dr. Daniel Proudfit and Samuel Benton, shoe- 
maker, were at No. 14. It was even at this date (1845) 
the banking center — Mechanics' Bank at 16 ; Union Bank, 
21 ; Bank of Manhattan, 23 ; Merchants' Bank, 25 ; Bank 
of New York, 32 (organized by Alexander Hamilton, 
1784, in the Merchants' Coffee House) ; Bank of United 
States, New York branch, 38 ; Arnold & Jones' dry goods 
store was at 28; the widow of Rev. Henry Vandyck at 
45 ; Hoffman & Glass Auction Rooms at 67 ; Alex. Lamb, 
hair dresser and wig maker, at 70; Berdsell & Town- 
send, tailors, at 80 ; Tontine Coffee House, northwest cor- 
ner Wall and Water streets; Phoenix Coffee House, 
southeast corner Wall and Water streets (site of the 
old Merchants' Coffee House), and Alex. Fisher, a 
grocery store, at 82; William Ma jester, a store at 90. It 
must be remembered the numbers, at this time, did not 
run as they now do. I give a few names only to show 
that the street was given up to business almost entirely, 
there being only a few residences remaining. 

On Water street we find that Widow Jane Foster lived 
at 209, and Jacob King had a "slop shop" at 208 ; Widow 
Burry's boarding house at 120; John Hayes, breeches 
maker, 143; John Bryan, tobacco, 112; Price & Dunning, 
stationery, 111; Price Current office, 104; John Reid> 
bookseller and stationer, 106, and he lived at 99 ; Deyez 
& Ackerman, upholsterers, 102; residence of Hugh 
Holme, 65 ; John J. Gottsberger had his office at 79 and 
lived at 82. 

Front street was given up entirely to business. The 
fire of 1804 had destroyed the old houses and the new 



i 



68 The Great Fires 

ones were stores. This whole section was completely 
wiped out by the great fire of Dec. 16, 1835. None of 
the buildings in our vicinity are very old. In 1851 the 
tea and coffee trade centered in our neighborhood — 
Samuel Barber, tea packer, at 79 Water and Alfred War- 
dell, 24 Old Slip. The tea importers were: On South 
street, Aymer & Co., Grinnell, Minturn & Co., W. L. 
Griswold & Co., Howland & Aspinwall, Olyphant & Sons. 
On Front street, Booth & Edgar, Bucklin & Grain, Jno. 
Caswell & Co., Jas. Walter & Co., E. T. Nicoll & Co., 
E. W. Tiers & Co., Gill, Gillets & Noyes, and Cary & 
Co., at Pine street; Wood & Grant and Jas. W. Wheelock 
& Co., wholesale grocers, both in Front street. E. T. 
Christianson had a number of stores. Their main office 
was 101 Fulton street. 

There were but very few coffee importers : Henry W. 
Delafield, at 79 Front street; Foster Elliott & Co., 60 
South street ; Masson & Thompson, 33 Pearl street ; while 
there were 17 tea importers. Abraham S. Zuretz, of 
91 Water street, had the honor of being the last name in 
the city directory for 1851. 






POSITION OF COFFEE 
IN THE EARLY YEARS 



The principal coffee importers, 1795, were Johua Jones, 
corner of Front street and Coffee House Slip; John G. 
Warren, on Swartouts Wharf; D. Bethune & Co., 90 
Murray's Wharf; Loomis & Tillinghast, 96 Wall street; 
John Bradish, 113 Water street; Pepprus & Satters- 
thwait, 47 Wall street; Charles P. Rogers, 115 Front 
street; Arnold & Ramsey, 53 Wall street; Guerlain & 
Co., 27 Stove street; P. W. Livingston, 65 William street; 
Hall & Brasher, Pine Street Wharf; Latting & Deall, 
263 Water street. It seems strange, but there were more 
coffee importers in 1795 than in 1851, due to the fact 
that in the former years nearly all importing houses in- 
cluded coffee in their importations. 

Let us follow the position of coffee, and, in a small 
way, tea. Being so long an English colony, the States 
had the taste of the mother country; therefore tea was 
the foremost beverage. The contingent States to Loui- 
siana and Mexico were coffee consumers and ever have 



70 Coffee in the Early Years 

so continued. Amsterdam, Holland, for many years the 
center of the world's coffee trade, all of early statistics 
are available from that city. Java, in 1812, sold for 
270 Dutch cents, or 108 cents American gold. The first 
figures on coffee are found among the records of the East 
India Company, of the Netherlands. Java produced, the 
first year recorded, 974 pounds of coffee, and from 1711 
to 1720, 110,896 pounds. In 1879 the crop reached 203,- 
584,000 pounds. 

1789. — Act July 1 : "Whereas it is necessary for the 
discharge of the debts of the United States and the en- 
couragement and protection of manufactures that duties 
be laid on goods, wares and merchandise imported, from 
and after the first day of August next ensuing there shall 
be laid on all coffee imported into the United States from 
any foreign port or place, per pound, 21/2 cents." 

This was the first import duty levied by our Govern- 
ment on coffee. It was increased, 1790, to 4 cents, and 
in 1794 to 5 cents, remaining at that figure till 1812, 
when it was advanced to 10 cents until close of the war, 
1814, when it was reduced to 5 cents. In 1828 it was 2 
cents; 1830, 1 cent; made free in 1832. A duty of 4 
cents, 1861; afterward increased to 5 cents until 1871, 
when it was again reduced to 2 cents, and made free 
1872. 

July, 1843. — Tea in American vessels, duty free ; other- 
wise, 20 per cent, ad valorem. Quotations : Imperial, 30 
to 90 ; Gunpowder, 30 to 90 ; Hyson, 40 to 90 ; Young Hy- 
son, 32 to 90 ; Hyson Skin, 26 to 61 ; Souchong, 25 to 62. 
Coffee, same date: Java IOV2 to 121/2 J Porto Rico, 7V£ 
to 8V2; Laguayra, 7V2 to 8; San Domingo, 5*/2 to 6; 
Cuba, 7 to 8; Brazil, 7 to 8V&. You will notice there 
were very little changes in price. The selections must 
have been but few, as extreme differences between grades 



Prices Just Preceding the Civil War 71 

was about 1 cent. There were but few different kinds of 
coffee, Java and Laguayra being the principal ones. 

Prior to 1800, Haiti and Jamaica furnished nearly 90 
per cent, of the coffee imported. 

The year 1848 was of extreme low prices : Java, §y% 
to 71/2 J Brazil, 5 to 6i/ 2 - Brazil alone exported 123,721 
tons. 1850, prices were better: Brazil, 7 to 11%; Java 
up to 101/2- You will notice Brazil was higher than Java. 
1851, there was another large crop. Brazil exported 
147,565 tons, and price was down as low as 8 cents. 1857 
was the year of large stock, owing partly to the de- 
pressed state of business, and consumption had been very 
small. 1860, the year previous to the Civil War, prices 
were: Brazil, 11 to 13; Java, 16; Mara, 13; Stock Dec. 
31, 1860, 11,768 tons. 

Dec. 31, I860.— The position of coffee: Brazil, 14; 
Java, 18; Mara, 15. The stock in New York: Brazil, 
145,285 sacks; Mara, 7,986; Java, 3,225; Singapore, 
1,146; Bombay, 600; Laguayra, 4,100; Costa Rica, 200; 
total, 162,542. Aug. 5, duty of 4 cents per pound im- 
posed, and Dec. 24 it was increased to 5 cents per pound. 

During 1860 Baltimore imported 27,015,000 pounds; 
Charleston, 9,853,000; Mobile, 3,336,000; New Orleans, 
47,687,000; Savannah, 680,000; Texas, 2,012,000. 

In the spring of 1861 the Civil War began. Coffee, 
duty paid in December: Brazil, 18% to 19; Laguayra, 
I51/2 to I6V2 ; Java, 24 to 25. 

1862. — The Southern ports were closed, consumption 
fell off, and all kinds of substitutes were used. The de- 
feat of the Northern army had frightened people and 
prices dropped, Brazil selling as low as 11. But by 
December prices had advanced to 21 and 23, and by June 
to 34. Stock, Dec. 31, 5,766 tons. 

During the war, owing to fear of privateers, the im- 



72 Coffee in the Early Years 

portations fell off. Brazil exported only 97,642 tons. 
Stock United States, Dec. 31, 2,334 tons, all kinds; 423,- 
163 pounds got into New Orleans in some way, presum- 
ably by a blockade runner. 

1864. — Fluctuations in gold, July price for gold going 
from 222 to 285. This was top price; August, 231 to 
264; September, 191 to 254. Prices ranged: Rio, 34 to 
53 ; same grade, Java, 42 to 60. This would make roasted 
price, Rio, about 63V&; Java about 72. This was the 
wholesale price, and one can imagine what the consumer 
had to pay. Stock, December, all kinds, 9,018 tons. 

1865. — The violent fluctuations in gold, several points 
in a few minutes, made it necessary to make prices in 
gold or on a fixed basis given at time of sale. Quotations 
from then on were in gold : Rio Fair, 14 to I8V2 J Java, 
24 to 29 same grade. In 1861 Philadelphia imported 
coffee 17,842,000 pounds; 1865, 2,093,000. Baltimore, 
1861, 34,671,000 ; 1865, 11,343,000. Total stock, all kinds, 
Dec. 31, 1865, 9,046 tons. The profits for the previous 
few years before the close of the war had been very large. 
The Government were purchasers for both army and 
navy. Fluctuations in gold, addition of duty, with ad- 
vance in prices, had added to the wealth of those in the 
coffee business. Now the Southern ports again opened, 
but New York retained the business. 

1866. — Imports increased but little, and there was very 
gradual decline in prices on all coffee of about 2 to 3 
cents. Stocks all kinds, 9,252 tons ; gold, 167 to 125. 

1867. — There has been a steady increase in consump- 
tion and the market held well, decline being only about 1 
cent. The stock increased up to all kinds, 16,585 tons; 
gold, 146 to 132. 

1868. — The competition of other ports again began to 
be felt. Baltimore, Charleston, Mobile, New Orleans, Sa- 






J. A. HEWLETT, 

HEWLETT & TORRENCE. 



',;■. ■■■■■■■.■■ "' mi - : W:3' :: :W- 




BENJAMIN GREENE ARNOLD, 

FIRST PRESIDENT NEW YORK COFFEE EXCHANGE. 



Reduction of Coffee Duty 73 

vannah, Philadelphia and Texas were all importing coffee 
direct. There was a decline of about 2 cents. Stock 
Dec. 31, all kinds, 18,088 tons; gold, 150 to 132. 

The year 1869 was of the active Java market prices, 
which fluctuated from 21 to 231/2- Brazils were neglected 
and remained about unchanged. Stock, all kinds, Dec. 
31, 10,625 tons, quite a decrease from the preceding year; 
gold, 162 to 119. One must remember that gold had be- 
come an article of speculation, was bought and sold sim- 
ilarly to merchandise. 

In Hayti, at one time, the paper currency was in bills, 
$1, $2, $5 (goudes), but the planter who sold his coffee 
and received five $5 bills was dissatisfied when his neigh- 
bor displayed 25 ones for the same amount of coffee, so he 
refused to take the $5 bills. This forced the Government 
to issue ones and twos. Then the planter who, on his 
return from market, dumped on the table $25 in jingling, 
shining small silver of 10 and 20-cent pieces had so much 
more to show for his coffee that no one would take bills, 
until the premium on small change was 10 to 15 per cent. 
This, to us, was childish. In June, 1862, the party who. 
having taken stock, had in bank $10,000, and all paid for 
merchandise $10,000, said he was worth $20,000 ; in July, 
1864, his $10,000 in bank was $28,500, and his merchan- 
dise $28,500, and he was very happy, for he thought he 
was worth $57,000. Gold returned to par, prices became 
normal, and he having spent on the $57,000 basis was 
wiped out, or nearly so. This is the inevitable ending of 
inflation of prices — or booms of any kind. The money 
made on the advance is, with a little more, lost in the 
decline. 

1870. — July 14, the duty was reduced to 3 cents. Prices 
advanced 91/2 to 13i/ 2 Rio. Stock all kinds, 8,811 tons; 
gold, 123 to 110. 






74 Coffee in the Early Years 

1871. — In that year might be formed an idea of the 
reason for the advance that commenced to take place. In 
1869 Brazil exported 185,503 tons ; in 1870, 159,791 tons, 
and in 1871, 170,593. News of a short growing crop was 
pretty well believed in, both of Brazil and Java. Rio 
prices: January, lO 1 /^ ; December, 18; Java, 17^. 

Nov. 25, 1872, Brazil exported 145,445 tons. Stock in 
United States, all kinds, Dec. 31, 1872, 9,169 tons. May 
1, 1872, coffee was put on free list; gold, 115 to 108. 
Prices: April, 14%; June, 19 for fair Rio; Java, I8V2 to 
23. 

1873.- — The effects of the short crops of the previous 
year and reports of still smaller crops forced a still fur- 
ther advance. Fair Rio, March, 17% ; December, 27 ; 
Java, April, 20 ; December, 30. Brazil exported 143,534 
tons. Stock all kinds, Dec. 31, 5,951 tons; gold, 110 to 
106. 

1874. — Previous to this year coffee from Brazil was ex- 
ported in sacks of 160 pounds; it was now changed to 
132 pounds. In January the market was very strong, 
with fair coffee at 28. But reports of large crops forced 
prices down to 16% in September. Brazil this year ex- 
ported 155,588 tons. Stock, United States, all kinds 
2,281 tons; gold, 109 to 114. 

1875. — The small stock at the close of 1874 encouraged 
speculation and prices advanced from 15% March to 21^ 
September for fair coffee; Java from 24 lowest to 28 
highest. Brazil exported 187,648 tons. Stock, United 
States, all kinds, Dec. 31, 20,529 tons; gold, 111 to 117. 

In 1876 there was a great increase in consumption 
without much in importation. There had been many 
fluctuations: January, 191/2 to I6V2 in August; Javas 
from 18 to 25. Brazil exported 163,971 tons, but our 
stock Dec. 31, all kinds, the smallest in years, only 1,850 
tons; gold, 107 to 115, 



Manipulation of the Market 75 

About this time there was an export duty imposed by 
Brazil of 13 per cent, on Rio and 13 1/2 per cent, on San- 
tos, based on the average quotations of coffee fixed by 
the brokers every Saturday from sales of the preceding 
week. 

1877. — The reader, no doubt, by the fluctuations in 
price, can now see that the market was being manipu- 
lated. The large houses had joined together to control 
prices. Santos as yet had not played an important fac- 
tor in the great coffee game. In an old December price 
list I find Santos, fair to good cargoes, 18 to 18V£> but 
nothing as to stock. This year prices: January, fair 
Rio, 21*4 ; November, 15 ; Java, 22 to 24. Brazil exported 
167,515 tons; total stock United States, Dec. 31, 13,594 
tons ; gold, 102 to 107. 

1878. — Large crops were reported, with the largest 
stock commencing the new year, excepting 1875. Since 
1868, the outlook had not been very bright. Prices 
opened, January, 18%, declining to 14 in December. 
Brazil exported 171,436 tons; stock all kinds, Dec. 31, 
11,250 tons ; gold, 100 to 102. 

1879. — Gold at par. Brazil produced the then record 
crop, exporting 206,329 tons. Prices started off, May, 13 
for fair Rio, advancing to 17 in December. Business was 
very active and the position completely in the hands of 
the syndicate, Javas advancing from 23 to 25. Stock, all 
kinds, Dec. 31, 22,040 tons, the largest known since 1857, 
when it was 23,030 tons. 



76 Random Facts about Coffee 

A Few Strange Things About Coffee 

Perhaps the lowest cost and freight sale ever made was 
that of Hard & Rand through R. H. Davies to A. Wake- 
man : Three hundred bags Santos basis 9s at 4 j£ cents. 
It proved to be a very good roasting small bean coffee. 
The value to-day would be about 12^2 cents. A sample 
is now in the writer's office. 

From 1892 to 1895 there was a discriminating duty of 
3 cents per pound against certain countries, but it in no 
way affected Brazil. 

In 1790 we imported 4,074,125 pounds of coffee of 
which 2,377,584 were Haiti, over half; we exported 254,- 
352; net 3,819,773. 

1800— Imported 47,389,951, of which 26,055,184 Haiti; 
exported 38,597,479 ; net 8,792,472. 

1810— Imported 30,869,884; exported 31,423,177; ex- 
cess exported 553,593. 

1910 — New York and New Orleans alone imported, 
other than East India (calculating 130 pounds per bag) 
733,776,160 pounds of which mild coffees were only 103,- 
275,770. 

In 1800 we imported from Haiti 26,055,184 pounds, 
while now we hardly receive 1,500 pounds. 

In 1821 we imported 1,109,603 pounds from Porto 
Rico; 1902-3, then our island, 6,314,656 pounds; 1910, 
29,565 pounds, valued at $4,305. 

In 1833 we imported from Cuba 38,939,564 pounds ; in 
1900 we exported coffee to Cuba. 

1889 — Imported from Jamaica 14,083,710 pounds ; 1909 
about 900,000. 

From Venezuela, 1888, 58,212,500 pounds; 1909, 52,- 
034,125. 

In 1881 the popular coffees were Singapore, Manilla, 



Lower Wall Street Rents in the 70's 77 

Balli (called Java), Jamaica, Haiti, Ceylon, Porto Rico, 
Savanilla, Angostura, Curacao. To-day these coffees are 
almost unknown, Brazil having a great monopoly of our 
coffee trade. 

The Downtown Club, one of the most successful clubs 
in the city, was organized in 1878, principally by coffee 
merchants, Mr. B. G. Arnold being the first president. 
The building in Pine street, being built expressly for its 
use, is one of the most complete in the country. There 
is now a long waiting list of those wishing to join. 

In the 70s the office, corner Wall and Water streets, 
rented for $8,000 per year; the same office, about 1896, 
rented for $2,500. On another corner the rent of a base- 
ment was $4,000 ; to-day the price is about $800. 



REMINISCENCES OF LOWER 

WALL STREET AND 

VICINITY 



LOWER WALL STREET FIRMS IN 
THE EARLY 70's 



The dean of the coffee brokers, on being asked to write 
a few reminiscences of the trade, replied: "I am afraid 
they would be too much like an obituary page." The 
passing of our old-time merchants is, indeed, sad, but 
this does not apply alone to Lower Wall street. In the 
early 70's there were jobbers of sugar, cotton, grain, 
flour, etc. ; to-day they have all passed on. We look back 
to the time when along South street there was a perfect 
forest of masts of the beautiful ships, their bowsprits 
reaching clear across the street and their most wonder- 
ful figureheads almost as far. The unloading of their 
cargo from all parts of the world was an attractive scene. 
We office boys spent most of our lunch hour listening to 
the remarkable tales of the sea and buying curios from 
the sailors. 

The warehouses of John Griswold, Grennell, Minturn 
& Co., Bucklin & Crain, Moses Taylor & Co., Jas. W. 



Firms in the Early 70's 79 

Elwell, Waterbury & Co., and Howland & Aspinwall were 
here. How proud I was when General Aspinwall spoke 
to me, when I went to take a note to Mr. Gasper, who had 
charge of the tea department. This was when there were 
neither telephones nor typewriters. Every office had 
four or five boys to run on errands, at the salary of 50 
cents per week, and we were expected to clean out the 
office every morning, draw samples from the warehouses, 
and pay, at the rate of 25 cents each, for the tea cups 
we broke. Sometimes our weekly salary would be worse 
than nil. 

There was no early closing on Saturday. The tea sam- 
ple cans and lists had to be gone over and corrected; 
weekly circulars and samples sent to out-of-town buyers. 
Saturday was for the clerks the busy day of the week, 
but advancement was rapid and the schooling good. 

Wall street's was the fashionable ferry. The stages, 
starting from 44th street, went down Madison avenue 
to Broadway, then through Wall street to the ferry. They 
were distinguished by the color of the body. While the 
Fulton street line was blue, those going through Wall 
street, called the Wall street line, was red. The outside 
panels had large paintings, generally of horses and land- 
scapes, and over the windows on the inside, small ones, 
often comical hunting scenes, that were presumed to 
cheer up one on the dismal trip. Many of those paintings 
were the work of John Quidor, "who, as an artist, lived 
in extreme poverty and in order to eke out a living 
painted landscapes for the sides of the old Broadway 
omnibuses." To-day his paintings are much sought after, 
being highly valued. These stages were the aristocratic 
manner of bringing people down town. The fare was 
10 cents. During the pleasant days, the stages were 
filled with ladies, who considered a ride down to Wall 
Street Ferry and return quite the correct thing. The 



80 Reminiscences of Lower Wall Street 

seat next to the driver was the popular one, while the 
whole top would be occupied. A grave question of eti- 
quette was: Should a lady recognize a gentleman riding 
on top of a stage ; and should a man, wearing a silk hat, 
give a lady his seat, for, in case he did, he would be 
obliged to carry the hat in his hands. The fare was col- 
lected by the driver through a little hole. To pass a 
lady's fare or make change for her was at times con- 
sidered almost an introduction. During the winter, when 
there was snow, (the snow was allowed to remain on the 
streets) sleighs at times took the place of the stages, 
carriages and trucks. Many of the lines used large 
sleighs, carrying from 30 to 40 passengers, the body was 
on four or even six "bobs." The driver and assistant 
sat upon a seat much elevated, a running board on the 
sides enabled the assistant to collect the fare. The pas- 
sengers faced each other, the bottom of sleighs was filled 
with straw ; from six to eight horses were attached ; each 
horse had a string of bells that encircled its body. While 
the fare was 10 cents, 25 or even 50 cents were often 
given, the extra amount for the driver. The ride, gen- 
erally from South Ferry to 44th street, except the Third 
avenue (horse car line) which was from City Hall to 
Harlem Bridge, 130th street, was one grand "lark," and 
before the terminus was reached all had seemingly been 
"properly" introduced. 

The laughter of the passengers, the bombardment with 
snow balls from those on the street, made the ride one 
of great fun. The hoodlums of to-day would make such 
harmless pleasure an absolute impossibility. The stages 
that were obliged to run on wheels were often stalled, 
even with four horses. The straw on the floor mixed 
with snow and half ice, the little smoky lamp by the cash 
box, the rattling of closed windows, the jolting of those 
trying to stand or hanging on the half closed swinging 




PETER J. O'DONOHUE, 

JOHN (/dONOHUE's SONS. 




SAMUEL W. GILLESPIE, 

OLENDORF, CASE & GILLESPIE. 



The Popular Wall Street Ferry 81 

door, the stage often stopping for nearly half an hour, 
with the driver trying to put a poor fallen horse on his 
feet again ; taking from an hour and a half or, at times, 
two hours to arrive even at 44th street, being lucky if 
we did not have to walk most of the way, made, in win- 
ter, the journey to and from one's office far from pleas- 
ant, yet good nature prevailed, for we made the best of 
it, and arrived at our office a little later and left a little 
earlier. To-day with our rapid transit we put in longer 
hours at work and do not live as long. 

The ferry at foot of Wall street was a most popular 
connection between New York and Brooklyn. During 
the morning and late afternoon hours the boats were so 
crowded, people would, at times, be compelled to await 
the following boat. It was almost impossible to walk 
doivn Wall street mornings, the sidewalks being com- 
pletely taken up by those coming from the ferry. What 
a change to-day ! Now the ferry has been abandoned and 
the old ferry house torn down. 

Gentlemen then went to business wearing silk hats and 
carrying canes. Office boys were not allowed to indulge 
in such luxuries, but as soon as the boy became a sales- 
man, the fact was generally known by his appearing at 
the office wearing a silk hat and carrying a cane. On 
pleasant afternoons many walked up-town from their 
offices and it would be difficult to see three finer looking 
men than Thomas Minford, Eugene O'Sullivan and John 
O'Shaughnessy, who always walked together as far as 
27th street and Broadway. A few came to their offices 
in carriages. Francis Skiddy, with the old white team 
and most dilapidated coach, could be seen almost any 
morning at the corner of Wall and Front streets. The 
original wonderful "one-horse shay" of Mr. Pouilon, 
with the big bay horse, was generally wandering about 
between South and Front streets, as if in pasture. Geo, 



82 Reminiscences of Lower Wall Street 

F. Gilman, J. Monroe Taylor, Joseph Case, John Olen- 
dorf, Henry Sheldon and Mr. Porter all had fine equi- 
pages. 

At Wall street, across from South street where the 
stages turned, was a little oyster counter; back of this 
was a general storage place for old trucks and a water- 
ing trough for the horses. Sometimes the whole open 
space almost as far as Front street would be taken up 
by barrels of molasses standing there for days, awaiting 
the time they were to be sold at auction. At No. 113 
were the offices of William WalPs Sons, cordage. Berry 
Wall, who was considered at that time the best dressed 
man in the city, often came down to his father's office 
and gave us boys an opportunity to get some points* on 
how to dress. Also at No. 113 was Francis Core, weigher 
(afterward Core & Herbert). Jas. E. Ward & Co., who, 
at that time, had a line of packets running to South 
America and the Argentine Republic — Mr Hughes, the 
manager, was deeply interested in lower Wall street — 
were just over William Scott & Sons at No. 111. 

There Were Many Tea, But Very Few Coffee Brokers 

in the 70's. 

William Scott & Sons were the most prominent coffee 
brokers in the country. I can remember James, who 
was full-faced, quite stout and easy-going, while his 
brother John was thin and nervous. Scott's gradings were 
recognized the world over. Coffee was sold by invoices 
or cargoes, consisting of Prime, Choice, Fair, Good 
Ordinary, Ordinary, and sometimes Low Ordinary on the 
basis of Fair, which graded about equal to the present 
No. 3 Standard on the Coffee Exchange. An invoice 
would consist of about so many bags of each grade. On 
afternoons one was pretty sure to meet in Scott's office 



Brazil in the Coffee Business 83 

B. G. Arnold, Bowie Dash, J. M. Edwards, Ezra Wheeler, 
Baron Thomsen, G. Amsinck, 0. G. Kimball, of Boston, 
and others, talking over almost any subject but coffee; 
in fact it was a social rather than a business gathering. 

Note: In giving the locations of the different firms, it must be 
remembered that there were a number of changes in both the 
firms and their locations. This will account for the same location 
appearing to have two or three firms at about this time. 



The present valorization scheme was not the first time 
the Brazilian Government has taken an interest in coffee. 
About the time of which I am writing that Government 
had been large purchasers of Rio coffee, selling same 
through G. Amsinck & Co. I believe there was a heavy 
loss. This coffee was bought in place of exchange, the 
Government having large remittances to make. One can 
now hardly conceive to-day three or four firms buying 
together a c&rgo of coffee to be divided according to grad- 
ing; but at that time there was a fixed price of half a 
cent per pound advance for broken invoices. The terms 
for coffee were 90 days' notes for invoices, excepting 
Javas, which were four months' notes. For out-of-town 
buyers and for broken lots, the terms were 60 days' notes, 
to enable the jobber to place his coffee and receive his 
pay in time to meet his obligations. 

All contracts were made payable in gold or in currency 
on the basis of gold at the rate prevailing at time of sale, 
the price of gold at the moment being a part of the con- 
tract. There was an old-fashioned gold indicator in the 
office of C. Risley & Co., corner of Wall and Pearl streets. 
When a sale was made a boy would run to that office and 



84 Reminiscences of Lower Wall Street 

learn the price of gold. There being a duty on both tea 
and coffee, it was specified at time of sale if the goods 
were taken in bond or duty paid. The notes of our mer- 
chants found ready sale in the note brokers' offices of 
J. B. Sommerfield & Co., Badgly & Mead or Hoag & Lud- 
dington. The first named office was at 66 Wall street. 
Mr. Sommerfield was a most genial man, and through 
his hands passed millions of dollars' worth of commercial 
paper. Only the other day I met him just as pleasant, 
still looking on the bright side, yet remembering Lower 

Wall street's prosperous times. Mr. S was his 

partner. 

For one jobber to borrow from another was quite 
customary and the accommodation was rarely refused. 
There was a deep friendship between the members of 
the different firms, and to meet one of our old-time mer- 
chants lunching alone would have caused remarks. There 
could be no public function without the names of many 
of our merchants (I mean those of Lower Wall street) 
being prominent. For the family of one to hold a recep- 
tion without inviting the families of the others would 
have been, indeed, a slight. 

In stormy weather, those having carriages would send 
to offices of others inviting them to "ride up" with them, 
often stopping on their way. 

The younger set were members of the same social clubs. 
The ball game between the different trades was an an- 
nual event, the losing side paying for the dinners. The 
death in the family of one was mourned by all. The gen- 
erosity of our merchants was proverbial the country over. 
Never was help asked by the writer for a good cause but 
sufficient would be quickly given and he was told, "If you 
do not get enough come and see us again." I will men- 
tion but one of many cases to show the great good heart 



Charitableness of the Old Houses 85 

of our old-time merchants. Mr. Campbell, of Campbell 
& Howell, merchandise brokers, had been ill for many- 
months. Every cent he had saved had been spent in 
trying to recover his health ; Mr. Howell had contributed 
the whole of the firm's receipts. Mr. Campbell, however, 
died, leaving a widow and several children penniless. The 
writer circulated a paper and in a week's time $1,500 
was collected and a comfortable home in Ohio purchased 
and presented to the widow. Twice this amount could 
have been obtained had not the committee considered it 
sufficient. 

Rowland & Humphreys were at one time also at No. 
Ill, later Rowland, Terry & Humphreys. They were the 
protegee of the great banking house of E. D. Morgan & 
Co. At No. 107, Yates & Porterfield. The latter had a 
line of ships running to Africa, returning with coffee and 
other goods. The Y. & P. mark of Liberian coffee, at 
that time, was famous. Dan Talmadge & Sons, the great 
rice house, were at No. 109; also B. H. Howell, Son & 
Co. Johnson & Lazarus, sugar refiners, were also at No. 
109. Abram Hatfield, tea broker, was at No. 107. On 
the corner of Front street, Eddy, Turnier & Co., sugar 
importers ; above them Jas. & John R. Montgomery, with 
whom was James Davis, afterward a noted politician. 
Their bookkeeper was Dan Van Winckle, while Henry, 
Malcolm and James were office boys. I cannot pass this 
old firm of tea brokers without expressing my most pleas- 
ant recollections. There could not be more perfect old- 
time gentlemen than James and John Montgomery. I 
don't believe they would allow an ungentlemanly trans- 
action to take place in their office. One would meet there 
Mr. Johnson, of Johnson & Mole, of Baltimore, a hand- 
some and most polished gentleman ; Monteith & Co., and 
Mr. Wilson, of Wilson & Lansing, of Albany, who always 



86 Reminiscences of Lower Wall Street 

washed his hands before shaking hands with others ; and 
many other just as fine gentlemen. 

Since writing the above Mr. John R. Montgomery has 
passed on ; another of our old landmarks gone and none 
can take his place in the hearts of those left. I re- 
member only a short time before his death, while walking 
down Wall street with him he remarked: "Wonder why 
it is that our feet give out before our heads, for I am 
sure I always have worked my head the most." 

Around the corner, going south on Front street, were 
at No. Ill, Small & Bacon, afterward Small Brothers, 
This was a Baltimore house and, after William Scott & 
Sons, did the largest coffee brokerage business. Perhaps 
no coffee house in the street produced more active young 
men than did this firm. With them, at the same time, 
were C. K. Small, William D. Mackey, John Randell, 
Jas. N. Jarvie and Wm. McCreedy. John C. Lloyd, now 
with Arbuckle Bros., came down first as a boy with 
Bradish Johnson & Sons, sugar importers. John Small, 
the senior member of the firm, was a quick, nervous man, 
but the amount of work he could accomplish was won- 
derful, and if anyone was in trouble — well, he went to 
John Small. 

It has been my intention not to specially mention firms 
who are still in business. In a very few cases, I must 
beg my reader's indulgence. Hard & Rand at one time 
occupied 111 Front street. I have always, since a boy, 
had a high admiration for this firm on account of the 
manner in which their business has been conducted in 
spite of what we are led to believe that the old-fashioned 
way of doing business has passed. From a small house 
selling spices, tea and coffee they have grown to not only 
one of our largest but one of the best informed coffee 
importing firms in the world, yet doing a strictly import- 
ing and jobbing business. This house should be a model 



Big Visiting Buyers 87 

for any young man about to commence his commercial 
career. 

De Castro and Donner Sugar Refining Co. were at No. 
107. There are but few of the old-time sugar merchants 
but will remember Andy Barstow, their salesman, truly 
a "hale fellow, well met" ; yet few were his equal — Geo. 
C. Collins & Co., tea importers at No. 105. 

Kirkland & Gillett, at No. 103 were succeeded by Kirk- 
land Brothers & Co., of which Daniel Briggs was the 
company. They did a very large coffee brokerage busi- 
ness with Philadelphia and Pittsburgh. You would meet 
here Mr. Bowers or Mr. Dilworth, of Dilworth Bros., of 
Pittsburgh, one of the largest coffee roasters in what 
was then called the West ; Mr. Roberts, Mr. Jenney, Mr. 
Andrews and other large Philadelphia buyers, and for 
them to buy 3,000 or 4,000 bags was not unusual. 

The office above Kirkland Bros, was occupied by Phelps 
Bros., the Mediterranean shipping and fruit house. Only 
the other day I met Mr. Bayles, their salesman. Noyes 
& Gillett, tea brokers, were at No. 101 ; McKensie & Co., 
at No. 95. 

At the corner of Gouverneur Lane were the sugar im- 
porting firm of Earl & Co.; above them Thompson & 
Henry, brokers. On the other corner, No. 93, were the 
tea importing house of Geo. W. Lane & Co., composed of 
Geo. W. Lane and Messrs. Crain and Woodruff. If there 
was a handsome, upright merchant in New York it was 
Geo. W. Lane. Even as a boy I can remember hearing 
him spoken of as an honest man. The manner in which 
he filled the office of City Chamberlain is often referred 
to, to this day. The coffee department was in charge 
of Teackle W. Lewis, afterward a prominent broker. 
Even now, when I pass his former office, I am glad to 



88 Reminiscences of Lower Wall Street 

see the name still on the door and remember this kind 
and pleasant gentleman. 

Ezra Wheeler & Co., at No. 89, were one of the old- 
est firms down town. Augustus Ireland and Mr. Roundy 
were the partners of Mr. Wheeler. David Palmer, con- 
sidered one of the best salesmen on the street, received 
what looked to us boys like a fortune, the largest salary 
paid to any salesman, said to have been $12,000 a year. 
William Newbold was a salesman. Perhaps to-day there 
is no coffee merchant better known than Mr. Newbold 
and, certainly, there is not a better broker than he; 
little did we expect he would turn out to be a farmer, 
but such is a fact. The sales office was back on the first 
floor, and there Mr. Wheeler could be found sitting in an 
old-fashioned armchair, ready for a story and generally 
with a good one to tell. John Caswell & Co., at No. 87, 
were large tea importers. Mr. Caswell was one of the 
most dignified men in the trade, so very quiet in his man- 
ner, when talking with him, one soon fell into his soft 
easy manner of speaking. John M. White & Co. at 85 
also tea importers. Mr. White was called the handsome 
man of the trade. Above them, Thomas Hewett, broker. 
Reeve & Osborn moved from 81 Front to 97 Water street, 
becoming Reeve, Osborn & Taylor. Stanton, Sheldon & 
Co. were also at that number. They were, at that time,, 
principally a sugar firm, but later became more interested 
in tea and coffee, under the name of Sheldon, Banks & Co., 
moving subsequently to No. 109. George C. Cholwell was 
their tea salesman and one of the most popular young 
men on the street; he is now one of the leading tea 
brokers. Mr. Cholwell, the first of each year, decorates 
his office by hanging out the card of welcome for the few 
old merchants left in our location. 

Thomas Rutter & Co. were also one time at No. 81 




THOMAS MIXFORD, 



SK1PDY, MIXFuRD X' CO. 




JAMES R. MONTGOMERY, 

JAMES & JOHN R. MONTGOMERY. 



John Arbuckle and "Ariosa" 89 

Front street. William Close was their salesman. They 
were another of the old-time merchants willing to give 
"the other fellow'' his full share in a trade. 

The spice importing house of Ruf us Story & Co. was at 
Nos. 7 and 9 Front street. Mr. Story was one of the best- 
known merchants in the city and bore the reputation of 
being a remarkable financier. 

Returning on the west side of Front street, at No. 22 
was the tea firm of James Austin. J. W. Wilson & Co., 
the largest importers of Mexican goat skins in the coun- 
try, as well as being large receivers of coffee, were at 
No. 52. The roasting plant and offices of Arbuckle Bros 
were at No. 58. This firm came from Pittsburgh. Dur- 
ing the Civil War the use of package goods reached its 
height. There being no pure food laws, the wording on 
the packages did not always tell the true contents. A 
reaction set in and it became extremely difficult to sell 
any package goods, and they were driven from the mar- 
ket. In a few years the consumer, especially in the West 
and South, found that the bulk coffee, from long transit 
and resting in the small stores, became tough and tasted 
as much of codfish and oil as it did of coffee. The moment 
had arrived for a good, uniform package coffee. The 
"Ariosa" brand of Arbuckle Bros, filled this want, and its 
success was beyond the expectations of the most sanguine. 
The "Ariosa" has always maintained its grade and is still 
a most popular brand, although there are now many good 
brands of package coffee in the market. 

John Arbuckle, the senior member of this firm, was 
not only perhaps the most successful but also the most 
unique figure in our district. Meeting him casually, one 
would consider that cattle and crops were more to his 
liking than coffee and sugar, yet when forced into a con- 
test with one of the largest corporations in the world he 



90 Reminiscences of Lower Wall Street 

was singularly successful and became a mights factor in 
the very business they strove to drive him from. In 
philanthropy as well as business he was largely a man of 
"hobbies." Since writing the above, Mr. Arbuckle has 
passed on and, what seems most remarkable, a man with 
such keen business instincts and large diversified interest 
should have died intestate. The business is still con- 
tinued by John Arbuckle's sisters and his nephews, W. 
J. and C. J. Jameson. James N. Jarvie had withdrawn 
from the firm, becoming one of our most prominent 
bankers. John C. Lloyd remains with them. 

Wolff & Reissing, importers of fish, oils, etc., were at 
No. 62. Bucklin & Grain had moved from South street 
to 80 Front street. Sanger, Beers & Fisher, formerly D. 
C. Ripley & Co., proprietors of the Hudson Mills, had 
moved from No. 82 to No. 86. They were succeeded by 
Sanger & Wells. Perhaps there has been no one more 
missed from the street than Abraham Sanger. He was 
indeed the friend of all, generous to a fault. He left the 
street broken-hearted, caused by the failure of an enter- 
prise in which he and many of his friends were deeply 
interested. 

The old firm of Clark & Balch were at No. 84 ; also Carr 
& Blanchard. For many years Mr. Blanchard was one 
of the familiar figures of the street, everyone in our 
neighborhood knowing him. Johnson & Co. were at No 
86. John O'Donohue's Sons were, as now, at No. 88. No 
one connected with the tea and coffee business at that 
time will ever forget Peter, John and Joseph J. O'Don- 
ohue; three more democratic men, both in their politics 
and in their treatment of others, could not be found. 
Would to-day that we had more merchants like the O'Don- 
ohue brothers. J. B. and Charles A. O'Donohue were 
then salesmen. J. Gould's Sons, tea jobbers, were at No. 



The Last of Jobbers of Refined Sugar 91 

90. The wholesale grocery firm of Clark, Holly & Ket- 
chum were at No. 92, subsequently in business on the 
West Side as Clark, Chapin & Bushnell. 

Bonnell & Adams were also at that number. Knowlton 
& Co., sugar importers, were at No. 94. One of the most 
dignified merchants in the district was Mr. Dorman, of 
Dorman, Collins & Co., at No. 96. We boys were rather 
afraid of him— he was so quiet and always spoke in such 
a serious manner. Pelham Warren was their salesman, 
and one could not imagine a more appropriate man for 
the position, as he had the same quiet ways as his em- 
ployer. Woodruff & Spencer, at No. 98, were a grocery 
firm. Later they moved to Greenwich street, the firm 
name then being Woodruff, Spencer & Stout. The old 
house of Ives, Beecher & Co., wholesale liquors and teas, 
were at No. 100. Merrett & Ronaldson and Caleb T. 
Smith, both tea firms, were at No. 102. At No. 104 was 
a tobacco firm, the name of which I have forgotten. 

About the last house to remain in the jobbing of refined 
sugars were Huntington & Dorn, then at No. 106. Charles 
Huntington was a remarkably successful man and, while 
he made but few personal friends, to those he had he was 
very much attached. At his death each of his old clerks 
received a very liberal remembrance. H. & G. B. Far- 
rington had their office at No. 108, but their store was at 
53 Broadway. Perhaps two brothers could not be less 
alike than were Harvey Farrington and his brother, G. B. 
We boys just hustled when Mr. Harvey asked for a 
sample, and even then were not quick enough to please 
him. Mr. G. B. was just the other way, and even if we 
were a little slow he would say: "It did not take you 
long this time." The salesman was Alfred, and a good 
one he was. Osborn & Anderson at No. 108. Sam Os- 
born was without doubt the most cheerful tea broker in 



92 Reminiscences of Lower Wall Street 

the trade. It seemed no matter how dull business was to 
him the "silver-lined cloud'' was ever present. 

Thomas H. Talcott was also in No. 108. No. 110 was 
an office building, containing mostly tea brokers. There 
you would find William Childs, Abram Wyckoff & Co., H. 
B. Watson & Co., De Cordova, Sons & Co. Mr. De Cor- 
dova was not only a popular tea broker but was also a 
humorous lecturer and a good story-teller. His sons are 
still in the tea business. 

The Chesborough Manufacturing Company (vaseline) 
— little did we then expect this company would develop 
into such an immense business as it has — George W. 
Flanders & Co.; Bonnett, Schenck & Earl; Edward 
Fowler and Charles Fowler, both rice dealers, were also 
at one time in this building. 

Crossing Wall street, still keeping on the w r est side of 
Front, we come to Nos. 120 and 122, which was one of the 
first new office buildings. On the first floor were Witbeck, 
Lester & Co., merchandise brokers. Charles M. Bull, 
afterward partner in L. W. Minford & Co., was their 
office boy. Across the hall were Allen & Evans, also 
brokers. John Hamilton, their salesman, carried in his 
groin, few of us knew, a rifle ball received in battle dur- 
ing the Civil War. On the floor above them were Van 
Lennep & Chevalier — now Chevalier Brothers, importers 
of East India goods. They have occupied the same office 
for many years. L. L. Gregg, tea broker, is still in his 
same old office. There were also here Sanford E. Gee. 
Edward Williams, W. H. Jackson, Charles A. McGuire, 
John P. Lewis, later Lewis & Sprague, at 91 Wall street; 
Charles A. Lindsay (better known as Doc) as well as A. 
G. Hildreth, coffee broker, who was said to "hold the 
Boston trade in the palm of his hand," and certainly did 
a very large business with that city. Chase, Raymond & 



The Great House of A. A. Low & Brother 93 

Ayer were at No. 124. Mr. Chase retired from the firm, 
returned to Boston and founded the firm of Chase & San- 
born, who are to-day one of the largest coffee roasters in 
the country. R. N. Thompson & Co., tea brokers, were 
at No. 126, also Townsend & Muldeau, and George C. Bliss 
& Co., John Bliss & Co., nautical goods, were 
and are still at No. 128. Samuel Stevenson & Co., 
tea importers, were at No. 130. Mr. Van Riper, now 
of Reeve & Van Riper, warehousemen, was their office 
boy. Wright & Co., tea brokers, were on the second 
floor. Nos. 132-134 was an office building. Charles V. 
Faile was on the corner of Pine street. This was a 
firm of tea importers and jobbers, and one of the 
nicest houses downtown with whom to do business. 
Henry D. Tyler (or Major Tyler as he was generally 
called) was at that time a coffee broker, but later became 
a collector of old prints ; Berry A. Cook and H. H. Limcke 
were also brokers. Edward W. Wilson & Co., tea packers, 
were around the corner on Pine street. Mr. Wilson later 
became a successful banker. Waterbury & Force were at 
136, doing a large weighing and trucking business. The 
firm were very popular, and to them we always looked for 
our transportation to and from our ball games. Later 
the firm became W. H. Force & Co. 

The great tea importing house of A. A. Low & Brother 
were at 31 Burling Slip. Few remember that they, at 
one time, started retail stores under the name of the East 
India Tea Co., but the scheme did not prove a success. 
Williams & Potter, now R. C. Williams & Co., were at 
that time at No. 229 Front street. They moved to the 
West Side and are now one of the largest wholesale 
grocery houses in this country. My old friends, Thomas 
H. Messenger & Co., importers of Haiti coffee and export- 
ers of tobacco, had their office and warehouse at 157 
Maiden Lane. This was one of the oldest firms down 



94 Reminiscences of Lower Wall Street 

town and their office was used by the Brooklyn Bank to 
receive deposits. Mr. Messenger is now dean of the board 
of directors of the Home Life Insurance Company. He 
often now drops into my office to "reminis." 

Returning to the east side of Front street, corner of 
Maiden Lane, were Penfold, Chatfield & Co., wholesale 
dealers in teas. Mr. Penfold, although in his eighty-sev- 
enth year, is to-day as good a judge of teas as he was dur- 
ing his younger days and is still attending to business. 
Cassidy & Co. were at No. 135; Samuel Bartow at No. 
133 ; also W. F. Saxe, Charles Stoughton and L. M. Payne, 
tea brokers. Isaac Newlin, tea jobber, was also in this 
building. Mr. Newlin's hobby was horses and, while he 
had many very fine ones, his favorite and the pet of the 
street was the one driven before his truck, ''Old Buck," 
who would wander about the street looking for his 
friends, who fed him apples. When his life of usefulness 
was passed, Mr. Newlin sent him to the country. 

George F. Gilman (The Great American Tea Com- 
pany) was at No. 131. The sign on this company's wagon 
read : "An organization of capitalists for the distribution 
of teas and coffees at one small profit." Mr. Gilman took 
great pride in this sign, his horses and his pictures, and it 
might be said his horses were pictures. The trucks were 
drawn by four or six coal-black horses, with white har- 
ness ; and when, as they did at times, have eight horses, 
with big Alex. Davidson driving, they surely did compose 
a very handsome picture. Alex. Davidson had charge of 
the Front street store, which was used also as a down- 
town office, Mr. Gilman doing also a tea jobbing business. 
If one asked Mr. Gilman any question about tea or coffee, 
his reply was sure to be: "Oh! go see Aleck," but few 
knowing his surname. The roasting plant of the Great 
American Tea Company was at the southeast corner of 



The Achievements of George F. Gilman 95 

Broadway and Bleecker street. Many thought Gilman 
must be crazy to put a coffee roasting establishment on 
Broadway, while there were so many locations at very 
much lower rent. Yet thousands of dollars could have 
been spent in advertising and would not have been nearly 
as productive as the aroma from the fresh roasted coffee 
at so prominent a locality. The scheme proved a great 
success. Mr. Gilman bought most of his teas through the 
house where, as a boy, I was employed, and I knew him 
well. Many of the stories circulated about him were un- 
true. He was very kind in his treatment of all with whom 
he came in contact, especially the younger men, often 
giving us boys tickets to places of amusement and some- 
times taking one of us uptown in his carriage. 

The Great American Tea Company's advertisement, 
written over fifty years ago, shows how the mode of doing 
business has changed. 

"The Great American Tea Company. 

"The immence Profits of the tea trade greatly reduced. The 
proprietors of the Great American Tea Company became fully 
convinced several years ago that consumers of tea and coffee were 
paying too many and large profits on their articles of every day 
consumption and therefore organized the Great American Tea 
Company to do away as. far as possible with these enormous drains 
upon the consumer and to supply them with their necessities at 
the smallest possible price. 

To give our readers an idea of the profits which have been made 
in the tea trade, we will start with the American Houses, leaving 
out of account entirely the profits of the Chinese factors. 

First the American House in China or Japan makes large profits 
on their sales or shipments and some of the richest retired Mer- 
chants in this country have made immense fortunes through their 
houses in China. 

Second. The Banker makes large profits upon the foreign Ex- 
change used in the purchase of tea. Third. The importer makes 
a profit of 30 to 50 per cent in many cases. Fourth. On its 



ssss: 



96 Reminiscences of Lower Wall Street 

arrival here it is sold by the cargo and the purchaser sells it to 
the speculator in invoices of 1,000 to 2,000 packages at an average 
profit of about 10 per cent. Fifth, the speculator sells it to the 
wholesale tea dealer in lines at a profit of 10 to 15 per cent. Sixth. 
The wholesale tea dealers sell it to the wholesale grocer in lo~s 
to suit his trade at a profit of about 10 per cent. Seventh, the 
wholesale grocer sells it to the retail dealer at a profit of about 
15 to 25 per cent. 

Eighth, the Retailer sells it to the consumer for All the Profits 
He Can Get. 

When you have added to these eight profits as many brokerages, 
cartages, storages and waste and add the original cost of the tea it 
will be perceived what the consumer has to pay. And now we 
propose to show why we can sell so very much lower than other 
dealers. 

We propose to do away with all these various profits and brok- 
erages., cartages, storages, cooperages and waste, with the excep- 
tion of a small commission paid for purchasing to our correspond- 
ents in China and Japan one cartage and a small profit to our- 
selves, which on our large sales will amply pay us through our 
system of supplying clubs throughout the country. 

Prices Oolong 70 to $1.20 

On Green Tea 80 to $1.50 

Coffee 20 to 40 cents." 

The system embodied thorough advertising in country 
and religious papers and the formation of clubs, the goods 
being shipped and a commission paid to those sending the 
orders. Some of the original club members are still doing 
business with the present company. In 1869 Mr. Gilman, 
about the time of the opening of the Suez Canal and the 
Union Pacific Railroad, started in "commemoration of the 
connecting the great East with the great West via canal 
and railroad/' the Great Atlantic & Pacific Tea Company, 
retaining still the original Great American Tea Com- 
pany's store in Vesey street. The magnitude of the pres- 
ent business is best shown by the following statement fur- 
nished at my request: Number of branches, 400; em- 
ployes, 7,000 ; horses, 6,000 ; pounds of merchandise sold 




HENRY W. BANKS, 



PRESIDENT COFFEE EXCHANGE AND LOWER WALL 
STREET BUSINESS MEN'S ASSOCIATION. 




J. RUFINO BARRIOS, 

COFFEE EXPORTER AND PRESIDENT OF GUATEMALA. 



The Character of Benjamin G. Arnold 97 

yearly, 364,000,000, of which 35,000,000 is coffee and 
5,000,000 tea. Thomas B. Smith, who was with Mr. 
Gilman when he first opened the Vesey street store, is 
still with the company and just as enthusiastic as Mr. Gil- 
man was when he first started. 

No. 90 Pine street was the store and office of Carey & 
Co. ; John Hanley, afterward of Hanley & Kinsella, of St. 
Louis, was the office boy and Clarence Gould the sales- 
man. Mr. Gould became a partner in the firm and later 
a banker. James Hogan was at No. 91 Pine. The build- 
ing at Nos. 127-129 Front street was occupied by Arnold, 
Sturges & Co., at that time the largest coffee importing 
and jobbing house in the country. I was at that time one 
of the office boys with Olendorf, Case & Gillespie, tea 
brokers. Having heard of the kind manner with which 
Mr. Arnold treated the boys, I was anxious to be sent 
with a message for him, and I shall always remember my 
first call. I went into his private office, hat in hand. Giv- 
ing him the note, I hardly dared to look around, but well 
remember the clock on his desk, now in Arnold Dorr & 
Co.'s office. Turning to me from his desk, he asked who 
I was, how long I had been with the firm, and with the 
kindest of smiles, said : "My boy, always remember faces, 
do just what you are told to do, and you will get along all 
right/ ' I shall never forget that day, and no greater 
honor have I ever felt than that, in after years, I could 
say Mr. Arnold was my friend. Mr. Arnold had his busi- 
ness misfortunes, but through all he was the same perfect 
gentleman, and long after many now living are forgotten, 
the name of Benjamin G. Arnold will be remembered with 
honor and respect. Robert Hewett, Jr., dedicates his 
book on Coffee as follows: "To Benjamin G. Arnold.. 
Esquire, whose mercantile ability and honorary dealing 
entitle him to the first rank and position in the coffee 
trade, this work is respectfully inscribed by the author." 



98 Reminiscences of Lower Wall Street 

Lyman Green had charge of the teas. Frank Arnold was 
also a member of the firm. James H. Kirby was coffee 
salesman, and Charles P. Chapin and J. M. Halsted, Jr., 
assistants. 

Nos. 123-125 Front street was an office building, in 
which, as now, were James W. Phyfe & Co., brokers in 
East India goods, including coffee and spices. They were 
headquarters for Javas, often receiving whole cargoes. 
William Shaw and Mr. Phyfe's nephew, James Phyfe, 
now a prominent coffee importer at 85 Front street, were 
partners. A. Colburn & Co., of Philadelphia, had their 
New York office in this building, as had W. S. Darland. 
When Mr. Phyfe built this building it was looked upon as 
one of the finest office buildings downtown. Winthrop G. 
Ray & Co. were on the main floor of No. 123. Frank 
Williams was connected with Mr. Ray's firm; later he 
founded the merchandise brokerage firm of Williams, 
Russell & Chapin. Joseph Pickslay and Fred P. Gordon 
were office boys with this firm, now Williams, Russell & 
Co., which is one of the largest coffee brokerage houses 
in the world. Wilson & Bowers, brokers, were on the 
lower floor of No. 121. B. 0. Bowers later became a 
member of Thompson & Bowers, coffee importers and 
jobbers. Above Wilson & Bowers were W. J. Porter & 
Co., of which firm Joseph Purcell, now with Hard & Rand, 
was a member ; they did a large business with Chicago. 

Otis W. Booth, afterward Booth & Linsley, was at No. 
119 — the Bradish Johnson buildirag — with them being 
William Newbold, Robert C. Stewart and E. R. Hall. R. 
C. Stewart is now head of Robert C. Stewart & Co., at 
119, one of our largest coffee brokerage firms, and yet, 
to-day, he is to most of us still "Bob" Stewart, and, I pre- 
sume, always will be to his friends. On the floor above 
Booth & Linsley were Maltby & Knox, tea jobbers, while 



Biggins "German Laundry Soap" 99 

Reid, Murdoch & Fischer, of Chicago, had their New 
York office there. 

Turning into Wall street, on the northeast corner, No. 
106 Wall, in the basement, were F. 0. Matthessen & 
Weichers Sugar Refining Company. Mr. Rich was the 
salesman. Above them were E. B. Bartlett & Co., ware- 
housemen, at one time the firm being Bartlett & Green. 
The sugar refining house of Katenhorn, Hopke, Offerman 
Company had their office at No. 110 Wall. Charles S. 
Higgins, manufacturer of the celebrated "German Laun- 
dry Soap," had offices at No. 112. This was then the most 
popular soap on the market, but we could never see the 
connection between the name and the label, which showed 
a very stout colored woman at a wash tub, hard at work 
scrubbing the clothes. Mr. Higgins' affection was always 
with lower Wall street, and he often remarked that luck 
moved away from him when he left our location for 
Brooklyn. This building was at different times occupied 
by many firms, among them being John Bliss, afterward 
at No. 128 Front street; Philip Dater & Co., tea jobbers; 
Edwards & Raworth, and the sugar and rice firm of Ly- 
man & Co. G. A. Jahn was at that time a clerk in that 
house. Major Jahn, as he was called by his friends, was 
quite tall and soldier-like in appearance, generally being 
the marshal of our parades. Later the firm became G. 
A. Jahn & Co., doing the largest rice business in the coun- 
try. William J. Griffiths was the company. There was a 
lumber export firm, Adams & Co., at No. 114 Wall street, 
while in the basement was a drug store. The old firm of 
Kemp, Day & Co. were, as now, at 116, the canned goods 
of this old firm being known the world over for their fine 
quality. Mr. Sherman was the company. When we saw 
Major Kemp with the Seventh Regiment on parade we 
boys were very proud that we knew him. 

Returning to the southwest corner of Wall and Front 



100 Reminiscences of Lower Wall Street 

streets — 101 Wall street: In the basement were R. D. 
Case & Co., tea brokers, now occupied by William Hosmer 
Bennett & Co., the popular coffee and spice brokers. On 
the next floor were Skiddy, Minford & Co., sugar import- 
ers and brokers, doing a very large business, later adding 
coffee. George J. Nevers was one of the original members 
of the Coffee Exchange. William Elliott was at one time 
salesman. Francis Skiddy, Thomas Minford and George 
G. Nevers, members of this firm, were merchants who be- 
lieved there were other pleasures in business than money 
making. Most every afternoon the office was the meet- 
ing place for the planters who happened to be in New 
York, and the raw sugar buyers. There were several long 
settees about that were conducive to friendly chats and 
good stories. Above them were Buchanan & Lyall, to- 
bacco. D. J. Ely & Co., coffee importers, were also at No. 
101. We all knew Watts Miller of the firm. While he 
may have looked like a farmer, yet in making a trade he 
was as sharp as they make them. David Palmer was with 
this firm, also Harry Miller, later of Miller & Walbridge, 
and his brother Seth. Other firms at that number were 
P. B. Vielle and Wheatly, Williams & Co. 

There was one familiar figure of lower Wall street I 
must not forget, "Apple Mary," who without doubt was 
one of the most forlorn-looking objects in the city, her 
feet, body and head covered with rags, carrying on her 
arm an old basket with a few decayed apples. In the 
winter she was sent to BlackwelPs Island, but with spring 
she again made her appearance, wearing what seemed to 
be the same old rags. The Charity organization found, 
on investigation, that she had accumulated quite a sum of 
money. She was finally sent to a home, where she died 
only a few years ago. 

Gross, March & Co. were at No. 99 Wall. C. R. Blake- 



Some of the Old Sugar Firms 101 

man, afterward with William Scott & Son, had charge of 
their coffee department. William Moller & Sons were 
also at one time in this office. Warren Beebe & Co., tea 
jobbers, were at No. 97, also Pond & Sage, and C. W. 
Durant & Son, sugar refiners. Hoag & Porter were at No. 
95. This firm did a very large tea brokerage business, 
and Thomas McCarthy, tea buyer for Fitts & Austin, 
when on this side of town, made this office his headquar- 
ters. George Dominick, now of Dominick & Dominick, 
bankers, and Mr. Atwood were their salesmen. This 
office, no doubt, turned out more successful men than any 
other in the neighborhood. It was called the lucky office. 

The old Journal of Commerce building, 93 and 91 Wall 
street, was on the site of the Phoenix Coffee House, which 
was destroyed during the great fire of 1835, the Mer- 
chants' Coffee House being destroyed by fire in 1804. This 
was at that time another of the large office buildings, the 
building being then owned by Olendorf & Case. Burger, 
Hulbert & Livingston, Geo. Tobias, Jac. Bausher, Bower- 
man Bros., afterward at No. 104 Wall street, in their 
office Peter B. King, Shepard Gandy and Moses Taylor, 
all large sugar importers, could be seen most every after- 
noon. Wyle & Kuevals, B. H. Howell & Co., Parker, Bo- 
dine & Co., with which firm W. T. Griffiths, later of the 
firm of G. A. Jahn & Co., was clerk. Mr. Griffiths was the 
artist of the street and many of his sketches of the trade 
may still be found. These old firms were all interested in 
the sugar business, had offices on the ground floor. In the 
basement, corner Water street, were Green & Wattles, 
merchandise brokers. Fred Green was their salesman. 
They did an extensive business in the West. Herman 
Simmonds, when he first came from Baltimore, occupied 
this office. On the main floor were F. A. Dohman & 
Bro., P. V. A. Schuyler, and Sheffield & Childs. 

Olendorf, Case & Gillespie, then the largest tea brokers 



102 Reminiscences of Lower Wall Street 

in the country, occupied the corner of No. 91. To this 
firm I owe more than I can ever repay. I went with them 
when a boy just out of school, and can remember only 
the kindest treatment. My fellow-clerks were Chauncy 
Belknap, William Greenwood, Frank Allen, Henry Sea- 
ver, H. E. Case and Willis Olendorf. Mr. Gillespie had 
been a tea jobber and was one of the first to introduce 
Japan tea on this market. The tea came in what were 
called "coffins," owing to the peculiar shape of the cases. 
The price of tea at that time ranged from 80 cents to $2 a 
pound. The firm would not make out a contract for less 
than ten half chests. The first customer I was allowed 
to wait upon was Mr. Shapleigh, of the Oriental Tea Co., 
Boston. He it was who claimed that on scientific in- 
vestigation he had discovered the round or pea berry 
coffee was the mail berry. After talking that over with 
him for a short time, he would be ready to advance his 
bid on a line of tea. The Oriental Tea Co. were very suc- 
cessful and are still in existence. Mr. Gillespie after- 
ward formed the tea jobing house of Gillespie, Trow- 
bridge & Co., of which I was the junior. David Reeve, 
now Reeve & Van Riper, was office boy. Mr. Gillespie 
is dean of the tea brokers, in the 87th year of his youth, 
is as well and hearty as when I first knew him as a boy 
in his office.* J. P. Huntoon, of Paterson, also bought 
his teas here. Mr. Huntoon wore his hair flowing over 
his shoulder, and a long white beard. He had the great- 
est reverence for John Brown (of Harper's Ferry fame) 
and each year he made a pilgrimage to his grave in the 
Adirondack Mountains. Mr. Huntoon was very philan- 
thropic, especially toward young men. 

On the third floor of Nos. 91-93 Wall street were Smith 
& Schipper, now one of our leading banking houses and 
agents for the Federal Sugar Refining Co. — a strange 



'"Deceased since above was written. 



Popular Coffee Brands of the 70's 103 

coincidence. From the little offices on the third floor 
they now occupy the whole building, which is now called 
the "Federal." Recknagel & Co., East India goods; 
Steven, Armstrong & Hartshorn, brokers; James Ham- 
blet, who later removed to the West Side, where he 
still sells "Cream Java," were here. On this corner 
"Aunty" had a large fruit stand, she was also janitress 
of 91 and 93 Wall street, and had a kind word for all. 
Several of her children are still living in this neigh- 
borhood. 

Going south, on east side of Water street, at No. 115, 
was Geo. W. Pritchard, broker; Dayton & Co. were at 
No. 113; also Diamond & Lally. Benj. Davis, afterward 
of Hard & Rand, was their salesman. Blume & Co. and 
Arthur W. Brown were also at that address. The firm 
of Small & Bacon had dissolved, William Bacon going to 
No. Ill Water street, with him being Jas. N. Jarvie, who 
later went with Arbuckle Bros. Edwards & Maddox 
also at one time occupied this office. St. John, Clay Mad- 
dox and Frank Anthony were their salesmen. This 
firm made a specialty of high-grade coffee. What has 
become of the Fancy Golden Rio and the large, almost 
blue coffee and the pea berries that, when you handled 
them, felt like shot? The Santos coffees one could read- 
ily imagine were Javas. Does Europe take them or are 
they no longer cultivated? No one seems to be able to 
answer, yet I doubt if 28 to 30 cents would now be paid 
for any Rio or Santos. Maddox & Co. later established 
a large coffee roasting plant at 101, and put up a pack- 
age coffee which was not a success. 

Martin & Fay, warehousemen, were at No. 109 Water 
street; also John J. Boniface & Co., tea importers. J. 
Monroe Taylor had the first floor of No. 107. I do not 
know which was the more popular— Taylor's Gold Medal 
saleratus or Mr. Taylor himself, who was about the last 



104 Reminiscences of Lower Wall Street 

of our old-time merchants — one of the real old kind. He 
had long, white hair and smooth-shaven face, and always 
wore a ruffled shirt front and white stock. He came to 
his office in his carriage with liveried coachman and foot- 
man, returning in the afternoon. We were all sorry 
when he moved his office to Liberty street. Roswell Skeel 
& Co. were at No. 105, also Knight, Southwick & Co. 
Geo. S. Scott, who did a large business with Canada, 
was about here. Roswell Skeel & Co. did a large sugar 
as well as tea business. I can well remember the old 
sugar mill in the back of their store. The lower grades 
of sugar came in hogsheads and were very lumpy. Be- 
fore it was repacked in barrels the sugar was ground 
in a hand mill. When we boys were sent to Mr. Skeel's 
on errands we would spend quite some time watching 
the negroes grinding the sugar. Mr. Skeel was a very 
large man and, in summer, always carried a palm leaf 
fan, and wore a very broad brim hat, both winter and 
summer. (Many gentlemen in the seventies wore char- 
acteristic hats. I remember one, whose name I have 
forgotten, wore in summer a light, almost white, 
"beaver" which looked as if it had been rubbed the wrong 
way. Henry Sheldon's was a high pearl ; George F. Gil- 
man, from a soft "slouch" to a high silk, and so, year 
after year, the same style, until we knew the man by the 
hat.) Mr. Skeel's brother Albert was the opposite to 
Roswell Skeel, being thin and short. Arthur Benson 
was also a member of the firm. 

Robert Russell was also at 105. He did a large general 
brokerage business. J. D. Johnson, later of Loudon & 
Johnson, was his office boy; from there he went with 
Henry Welsh, Frank Smith taking his place with Rus- 
sell. Quite a large buyer was in Russell's office looking 
for Mandheling Java, worth at that time 29 to 31 cents. 
Young Johnson showing him a good one at the market 




GEORGE W. LANE, 



GEORGE W. LANE & CO. AND PRESIDENT CHAMBER 
OF COMMERCE. 




IENRY W. CHAT FIELD, 

PKNFOLD, CIIATFIKLl) & CO. 



Early Telegraphing Methods Between Offices 105 

prices, the buyer became very indignant, saying : "Young 
man I bought Mandhelings before you were born, I am 

the mayor of , don't you suppose I know their 

value?" Mr. Russell told him to get a sample of a good 
Interior and say nothing. The Mayor paid about 25 
cents for a coffee worth about 23 — but, then, he was 
happy and so were all. 

Alfred Clagett or, as he was sometimes called, Lord 
Claggett, on account of his dressing in extreme Eng- 
lish style, was at No. 103 Water. He did a large tea 
business, being the first to make a specialty of hotel 
and restaurant trade. Claggett was one of those whose 
places are never filled. Billings & Wetmore occupied the 
first floor. Alexander Watson was their salesman. This 
firm (formerly Billings, Runkle & Wetmore) were at one 
time the largest importers of black teas. Gillespie, 
Trowbridge & Co., of which I was junior member, about 
1873, were also here. At that time, above them, was 
the East Side office of Pupke & Reid, with William 
Thompson in charge. The two offices of Pupke & Reid 
were connected by wire, the telegraph instrument being 
a most complicated affair. On a dial with the letters 
of the alphabet, a needle pointed to a letter. Turning 
a lever, stopping and pressing it down, a needle moved 
on a dial at the other office, corresponding to the letter 
you stopped at, and so on until the word was spelled 
out. Well it was not a great success, but at that time 
it was considered quite a wonder. William B. Hunter 
& Co. were also at one time at this address. 

The tea house of Brooks, Field & Co. and the molasses 

house of Berkley W. Moore were at No. 101 Water 

street. Here also at one time was the great foreign 

fruit house of the three W's, Wiley, Wicks & Wing, who 

later moved to the West Side — about that time 97 and 



106 Reminiscences of Lower Wall Street 

99 were remodeled into Roberts' Auction Room. The 
two upper floors were made into one large room, as 
shown now by what were then the long windows. It 
was used by John H. Draper & Co. 

To-day auctioneers are compared with Mr. Draper 
as the standard. He was a very large, fine looking man 
with a most ready wit. The large public coffee, tea 
and Government sales were made by him. The follow- 
ing story was told on the street, showing how small 
things will turn a great business. When Simon Draper 
was Collector of the Port, he had his son's firm appointed 
as official auctioneers, a position they retained for many 
years. John H. Draper, returning from Europe, brought 
as presents for his friends a few silk umbrellas on 
which he neglected to pay duty. The opposition press 
made such a fuss because a high Government official was 
caught smuggling that the Government's business was 
withdrawn from the firm. This was their first great mis- 
fortune; others followed. 

Also in this building was Morris & Sherman, brokers. 
The ground floor was divided into two offices, one oc- 
cupied by Israel Nash & Co., a branch of the Boston 
house. The corner one by Reeve, Osborn & Taylor, they 
having moved from Front street. Mr. Reeve was one 
of the most excitable men downtown, his only equal 
being, perhaps, Mr. Durfee, of Durfee, Hampson & 
Rounds, of Providence, R. I. The younger element found 
great sport in bringing these two gentlemen together 
and starting them to relate some of their experiences. 
Well, the start would be all right, but before the end 
was reached they talked so fast and gesticulated so much 
that neither they nor anyone else could understand a 
word they were saying. Outsiders, in the meantime, 
would be laughing so much that the controversy would 



Tea Merchant and Art Collector 107 

end with the disputants laughing at themselves. Mr. 
Osborn, on the other hand, was one of the quietest men 
downtown. Foote & Kuevals, syrups and molasses job- 
bers, were across the hall. H. L. Hobert, their sales- 
man, and John Haite, office boy. Mr. Hobert is now 
head of the largest syrup firm in our city. Stephen 
Kuevals I knew from the time I was a boy at school 
in New Haven, but few here were acquainted with the 
fact that he was at one time a merchant tailor, doing 
business as Knevals & Griswold. He was induced to 
remove to New York and go into the syrup business, 
by his brother, of Wiley & Knevals, large importers of 
raw sugars and molasses. 

Down Gouverneur Lane was Pentz's cooperage shop, 
where one could see barrel staves and hoops made by 
hand. John Emmans & Co. were at No. 93 Water street 
and to-day are still in the same building, one of the 
most successful tea importing houses in the city. His 
hobby runs to oil paintings. Not only is he one of the 
most expert as to values, but his collection is valued 
at over $100,000, and contains many gems. Abby & 
Sturdevant, at No. 89, were also a tea house, and Fred 
R. West, in the wholesale liquor business, was here and 
the firm are still there. Martin & Richie, tea packers, 
at No. 85, also had a line of curios, at that time con- 
sidered quite remarkable. They were the first to im- 
port this line of goods, but failed to grasp the opportu- 
nity that awaited them. 

R. P. McBride, doing business as Union Pacific Tea 
Co., was at No. 97. He, at one time, advertised a chain 
of "212 stores." Mr. McBride came to this country as 
a poor boy and worked up a most remarkable business, 
only to lose it later. 

At Old Slip was the Old Slip market, running from 



108 Reminiscences of Lower Wall Street 

South to Front streets. When this was the residential 
part of the city, the old market was used as a place of 
amusement. Many of the fashionable balls were held 
there. At Nos. 13 and 15 Old Slip were Thomas J. Daly 
& Co. Mr. Daly's partners were William MacGregor 
and William Dallas. Mr. Daly was the "Beau Brum- 
mel" of the tea trade, always coming to the office in his 
coupe, which called for him in the afternoon about 2 
o'clock. Later, if the weather were pleasant, he would 
be seen driving his tandem team of bays in the park. 
His firm subsequently failed and luck ran against him. 
He became "Tom" Daly and died a very poor man. Mr. 
Dallas is still on the street with the great tea importing 
house of Carter, Macy & Co. It is said there is not a 
better informed man in the trade than Mr. Dallas ; there 
is not a tea producing country in the world that he has 
not visited. I have always thought it rather unfor- 
tunate that the Tea Association did not have Mr. Dallas 
write his experiences among the tea gardens of the 
world, but as "the association's information is only for 
its members," it would be like hiding light under a pint 
measure. William B. Hunter & Co. were at the cor- 
ner of Old Slip and Water street— 13 and 15 Old Slip. 
Their office was on the second floor and was reached by 
outside iron stairs. They were what was known as an 
English order house, their tea arriving, via England, in 
boxes and half-chests without matting and almost cov- 
ered with wooden straps. Mr. Hunter and his partner, 
Mr. Robb, were typical Englishmen, both quite short 
and stout, and two finer men it would be hard to find. 
Geo. Wykes and John Steven were also members of the 
firm. Mr. Steven later had charge of the tea depart- 
ment of Hard & Rand and is now a successful broker. 
They later removed to 132 Front street, and Thomas J. 
Daly & Co. occupied their office. 



Introduction of "Florida Water" 109 

Across Water street were Lanman & Kemp, the large 
importing and manufacturing drug house. At that time 
they were just introducing a toilet preparation known 
as "Florida Water," which became known the world 
over. While in Haiti I was showing to a school teacher 
the map of the United States. Noting Florida, he said : 
"The rivers of Florida have a most beautiful perfume." 
Between Front and Water streets, on the north side of 
Old Slip, was the drug store of Dr. Rutter, whose prin- 
cipal business was the fitting out of medicine chests for 
ships. His place was quite a curiosity shop and the old 
white-haired doctor had more remarkable sea tales than 
most captains. John Dwight & Co., the famous saler- 
atus firm, were on the south side of Old Slip, near 
Water street. Ripley Ropes, importer of Mocha coffee 
and East India goods, was at No. 53 Water. We must 
not forget the wholesale grocery firm of Edwin & Ralph 
Mead, of Coenties Slip ; they were about the last of the 
old houses. I well remember the brothers and won- 
dered if they were ever apart. If they ever were it was 
not foj* very long, and they died about the same time. 
For years, on the northwest corner of Water street, was 
a tailor shop. At 80 was Archibald Henderson, a tea 
importer. The importing foreign fruit house of Peter 
Balin & Co. was, I believe, at No. 86. Next door were 
Townsend, Clinch & Dike, East India goods. Champion 
& Staudinger, importers of fire-crackers and Java coffee, 
were at No. 90. 

Perhaps it is not a lost art, but never have we, 
about Lower Wall street, found one who could prepare 
such palatable dishes as Joe Billy. He accumulated a 
fortune and retired many years ago. I have forgotten 
the number, but not the famous chafing dishes of Joe 
Billy's restaurant. It was then located about No. 94. At 
No. 96 was the entrance to the ground floor office which 



110 Reminiscences of Lower Wall Street 

was on Pearl street, of Picket & Co., tea house. This 
was one of the first tea firms who went into the scheme 
business in connection with tea. They did a very large 
business all over the country. The authorities con- 
sidered it too much like a lottery, Picket was arrested 
and forced to abandon the idea, but not before he had 
accumulated a fortune. Geo. S. Adrian, spice broker, 
was at No. 98 Water. Edward A. Willard, tea broker, 
occupied No. 100. Mr. Willard was also a noted yatchs- 
man. His brother Harry was his salesman. Clark B. 
Hayden & Co. were at No. 102. 

One of the largest tea importing houses, Carter, Haw- 
ley & Co., were at No. 102 Water street. They were 
later, also, for a short time, in coffee, this department 
being in charge of Teacle W. Lewis. This firm always 
stood very high as gentlemen and merchants. Both Mr. 
Carter and Mr. Hawley were especially kind to the boys 
and young men in the trade, it was a pleasure for us to 
call at their office on errands. Next door were Fred 
Mead & Co., noted for holding on to goods until they be- 
lieved the right time for selling had arrived. I remem- 
ber a cargo of tea, ex Guam, arrived before the duty was 
imposed, that was not sold until it was removed, being in 
their store all through the Civil War. Still the firm were 
one of the very few that retired with a fortune. Sapor- 
tas Brothers, coffee importers, were at 104; Arnold 
Saportas, the office boy. R. G. Story & Co., who, I am 
happy to state are still with us, were at No. 108; also 
John C. Phillips. 

M. F. Powers & Co. were at No. 110. Stephen V. 
Stafford and Michael Barnicle were at No. 112. Mr. 
Barnicle had formerly been buyer for Henry Welch & 
Co., then one of the leading wholesale grocery houses, 
Mr. Barnicle retired from active business in his 91st 



The Great House of Pierre Lorillard & Co. Ill 

year — a long life well spent. Since writing the foregoing 
Mr, Barnicle has "gone" to join many of our old mer- 
chants. Thomas T. Barr & Co., dealers in syrups and 
sugars, were at No. 114. Jas. H. Taylor was their sales- 
man. Mr. Taylor was for many years president of the 
Coffee Exchange and is now treasurer. Mr. Barr retired 
from the Street and became president of the Nassau 
Bank, Brooklyn, building up an institution that reflects 
great credit on his management. While vice-president of 
the Corn Exchange Bank he proved himself a friend to 
this location, and to-day the bank is called "our bank." 
James H. Taylor I have known from boyhood, and have 
yet to meet any who have had but kind words for him. 
If he has as many dollars as friends, he must be a very 
wealthy man. 

In the office above them was the old tobacco house of 
Pierre Lorillard & Co. The sign of one of their brands 
may still be seen in the sidewalk. At that time they 
were one of the oldest and wealthiest manufacturers of 
tobacco in the country. Their old snuff mill may still 
be seen near Bronx Park. Arthur Benson, later Hat- 
field & Benson, also had an office here. So long as I can 
remember tea or tea brokers, I can remember Arthur 
Benson. At times when I think I am getting a little old, 
I hunt for him and, seeing how young he is, I know it is 
not time yet to think of growing old. Mr. Benson, since 
writing the above, left us very suddenly — mourned by a 
host of friends. His old partner "Abe" Hatfield, retired 
from the trade, a few years ago. 

Turning up Wall street, on the south side corner were 
Waite, Creighton & Morrison, then merchandise brokers ; 
later they devoted their time mostly to coffee and sugar. 
Clarence Creighton is still with us and carries himself 
apparently as youthfully as when I first knew him. Cor- 



112 Reminiscences of Lower Wall Street 

nelius Morrison was a great talker; in fact, after mak- 
ing a purchase through him, it was rather difficult to 
say just where you stood, but were told, "Oh, that will 
be all right." Auctions had a fascination he could never 
overcome; to buy anything, from a steamship to an old 
clock, was his great amusement, but what to do with 
these things afterward was quite another story. There 
was at Woodrow & Lewis (auctioneers) a sale of dam- 
aged clocks. Mr. Morrison bought the lot, and there 
were but few in this location but had one or more of 
them, I among the others, and mine is ticking still off 
reminiscences of Mr. Morrison. If a young man wished 
a situation, Mr. Morrison would spend a whole day in 
trying to obtain one for him, and he was generally suc- 
cessful. I believe more young men owe their start in 
life to Mr. Morrison than to any other man downtown. 
His brother Dan was their salesman. I cannot close 
without a few words regarding Mr. Beardsley, who had 
charge of their sugar department. He was a noted 
athlete and for many years held the amateur champion- 
ship for single sculls. I have mentioned that the style 
was at that time for gentlemen to wear silk hats to their 
offices. Mr. Beardsley believes not only was it correct 
then but is still so, for never can I remember him wear- 
ing other than a silk hat during the winter. Mr. Tabin, 
a dealer in foreign acceptances, had desk room in this 
office. As he was a very quiet man and this a very noisy 
office, poor Mr. Tabin hardly knew just where he was at, 
yet nothing could induce him to move. His son still 
continues the business. 

Havemeyer Bros.' Sugar Refining Co.. for whom Rich- 
ard Wilson was salesman, had their office3 at Nos. 87-89 
Wall street. Dick (as he was then called) Wilson is 
now with R. G. Dun & Co. I am sure if the commercial 
rating of any of the old timers depended upon him we 




CHARLES E. BEEBE, 

BEEBE & BROTHER. 




CALEB CHASE, 

CHASE, RAYMOND & AYER. 




The Days of the East Indian Clipper Ships 113 

would all rate Al Al. Here also was the downtown 
office of Driggs Warehouses, which then covered blocks 
along South street, where could be seen the beautiful 
East Indian clipper ships discharging their cargoes from 
all parts of the world. Those were days when our ships 
were the pride of the sea. Edward T. Young, tea broker, 
had the second floor and there also were Johnson & 
Higgins, insurance agents, above him. Mr. Young was 
one of the leading brokers, having spent many years in 
China, he was an expert on green teas. 

At No. 87 were Ockershausen Bros, and Weitgen & 
Harms Co., both sugar refineries. George Arden, a 
broker, also had his office in this building. Herman 
Rohe was at No. 85, and Halpin & Judge at No. 83 ; also 
Rintuel Bros., merchandise brokers. To-day how few re- 
member the Rintuel boys! They left this location and 
went into the brewing business. I trust they met with 
success for there were not two finer young men down- 
town. 

On the corner of Pearl and Wall streets, in the base- 
ment, were C. Risley & Co., one of the largest mild coffee 
jobbing firms in the country. Rufus Story, J. B. Summer- 
field, Hoag & Ludington and other buyers of coffee paper 
could generally be found here some time during the day, 
as Mr. Risley was looked upon as the best judge of 
credits on the street. Leander, or Lea, as he was best 
known among the trade, was his partner, and Charlie 
Naphew his salesman. Above them were Mayer Bros., 
a Hamburg and New York house, Moses G. Hanauer, 
manager. D. K. Young was their salesman. Mr. Young 
was later with J. W. Doane & Co. He was the authority 
on Coffee and Socialism. He removed to Philadelphia 
and from there to his last home. Mr. Hanauer was one 
of the most respected men downtown. I do not believe 



114 Reminiscences of Lower Wall Street 

the funeral of any of the old-time merchants was more 
universally attended than that of Mr. Hanauer, showing 
the respect in which he was held. Had he lived a few 
days longer he would have been a wealthy man. 

Above them, entrance on 150 Pearl street, were Gus- 
tave Amsinck & Co., agents of the Brazilian govern- 
ment. They also were and are large receivers of mild 
coffee, and later they became very prominent bankers. 
Mr. Amsinck, at one time, gave his personal attention 
to coffee. He was rather short, with black whiskers 
and moustaches. He was one of the most gentlemanly 
men one could meet and most liberal with credits. 

Pearl street was the Auctioneers' Row. Pells & Co., 
L. M. Hoffman & Co., John H. Draper & Co., and others 
had offices on this street. John H. Draper later re- 
moved to Front street. The tea packing firm of John 
Nichols was at No. 84. At Nos. 98-100 were Henry 
Nordlinger & Co., then importers of foreign fruits. 
Turkish prunes were at that time the article of specu- 
lation among the fruit trade. They came in casks weigh- 
ing about 1,300 pounds. I wish I could find words to 
express my admiration for the senior member of this 
old firm. He took a deep interest in my welfare, as a 
young man, and it was and is a source of great pleasure 
to hear the pleasant things others said about his high 
idea of commercial dealing. 

John Calahan was at No. 128. The old cotton jobbing 
firms of Hopkins, Dwight & Trowbridge and James 
Wenman & Co., whose counters were covered with sam- 
ples of cotton — cotton then being largely sold by sam- 
ple — were about Nos. 138 to 142. W. R. Grace & Co., 
with whom then was Chas. R. Flint, were also at No. 
142. The Cotton Exchange was where W. R. Grace & 



Group of Well-Knoivn Coffee Names 115 

Co. until recently were located, facing Hanover Square. 
Grace & Co. occupy their new building on Hanover 
Square, Pearl and Water streets. 

At the junction of Pearl and Beaver streets the lead- 
ing mild coffee brokers were located, Briggs & Meehan, 
Arnold Schramm at that time being their salesman. It 
is not surprising that P. C. Meehan will not write his 
reminiscences, for they would call back to his remem- 
brance his dear old friends, many of whom have passed 
on, who can replace for him Munoz, Gargoasa, Hoadley, 
Pauli, Arnold, Risley, Cushman, Whitney, Agostine, Pun- 
derford, and many others, all large importers of coffee? 
The dream of Edward Gargoasa's life was a Pan-Amer- 
ican Congress, and he spent both time and money to 
bring it about. His health gave way before the work 
was accomplished. There are two subjects Mr. Meehan 
is even better posted on than coffee, and that is saying 
much. These are our old merchants and baseball. Drop 
in at 96 Front street and listen. Mr. Briggs retired some 
years ago, and the firm became Meehan & Schramm. 

William L. Mitchell was then in the basement of 72 
Beaver street. Later he associated himself with his 
brother, George, under the firm name of Mitchell 
Brothers. I hardly believe any two men ever saw coffee 
under so many different phases, they being at times office 
boys, salesmen, buyers, brokers and now, for many 
years importers and jobbers. 

John W. O'Shaughnessy & Co. were at 81 Beaver street, 
William Sorley being salesmen and H. F. McCreery, book- 
keeper. Both later became associated with Hard & 
Rand. In this office one was sure to meet Gerhard Jans- 
sen, of 68 Broad street, who was happy only when going 
over statistics ; D. A. De Lima, Mr. Kunhardt and many 
others. John W. O'Shaughnessy was a most affable 



116 Reminiscences of Lower Wall Street 

man. Some of the most successful men in the trade were, 
at one time, clerks in his office. This story is told of 
one of them: After being with Mr. O.S. (as he was 
generally called) for nearly two years, the clerk was 
asked to grade a sample of coffee. His ideas being far 
from those of Mr. O.S., the latter exclaimed: "Were you 
to be in the business for a hundred years you would still 
have yet to know the first thing about coffee." The 
clerk later became one of the best judges of mild coffee 
on our market. 

David A. De Lima had, at one time, a little store in 
Curocoa, D. W. I. Having many friends, the reputation 
of being strictly honest and a desire to come to the 
States with Mrs. De Lima, Mr. and Mrs. De Lima gath- 
ered together about $200 and a few little commissions. 
They arrived in New York with a strong determination 
to succeed. The business from this little start rapidly 
grew, and Mr. De Lima soon needed an assistant. Then, 
his brother, J. A., came and the firm D. A. & J. A. De 
Lima was formed. At their death, they were numbered 
among the wealthy men of our city. The old table, used 
as the first desk, is in possession of Mr. De Lima's sons, 
now prominent bankers. The kind treatment to their 
employes was a factor in the Arm's great success. 

Henry Kunhardt was also a very large receiver of cof- 
fee. He had a saying: "Tell me what the market is, I 
will be the judge of what I think it is going to be." His 
son, Henry, Jr., succeeded his father. 

Across Beaver street, at No. 83, was Eugene O'Sulli- 
van, coffee broker. A good story is told of him, showing 
his characteristics for energy and push that followed him 
through life. When a young man, with Mack & Co., 
brokers, his advancement being rather slow, he made up 
his mind that if his position was not greatly improved 



The Strong Character of Eugene 0' Sullivan 117 

by the end of the year he would give his "boss" a strong 
hint. The evening before the New Year Mr. Mack wished 
his young men a "happy New Year" and closed the office. 
O'Sullivan had rather expected this, but thought it would 
not be commencing the new year right to give the hint 
then. So next day he called at Mr. Mack's house, where 
he found him receiving calls. Eugene, being a pretty 
good boy, was invited in and given a hearty welcome. 
This was not just what he wished, and he told Mr. Mack 
he would like a little private talk with him. He was 
promised a slight advance, but, to Mr. Mack's surprise, 
nothing less than being taken into the firm would suit 
Eugene. He was put off until the next day and then told, 
in no gentle manner, that this idea was not to be thought 
of, and unless he accepted the offer tendered he could get 
out. The climax came when Eugene replied: "Get out, 
is it ? Well, if there is any getting out, it will be you and 
not me, for I have the lease of this building in my own 
name," and this was true. Doubting that he would re- 
ceive any marked advancement, Eugene had secured the 
lease^ Mr. 0' Sullivan became one of the largest and 
wealthiest coffee brokers in the country. His brother, 
James, became a member of the firm. Clarence Creighton 
was at one time his salesman. Later the firm moved to 
No. 95 Wall street, which building Mr. O'Sullivan after- 
ward bought. Robert Titus was the salesman. Mr. O'Sul- 
livan's son, Percy B. O'Sullivan, succeeded to the busi- 
ness and later became president of the Coffee Exchange. 
The old firm, Boulton, Bliss & Dallett, agents for the 
Red D line of steamers, were the largest receivers of 
Caracas and Porto Cabella coffees. Mr. Boulton made 
this office his headquarters. He was a very warm friend 
of James Graham, then the largest coffee jobber in Phila- 
delphia, and until Mr. Graham had taken his selections, 
the samples could not be shown to others. Pendergrass 



118 Reminiscences of Lower Wall Street 

Bros., coffee importers, were also at No. 83 Beaver street ; 
E. Pavenstadt & Co. at No. 52 Exchange place; Benj. J. 
Kirkland at No. 51 Exchange place. 

W. H. Grossman & Bros, were at No. 77 Broad street. 
They were very large exporters, principally of hardware, 
doing a large business with Argentina and other South 
American countries. They were also considerable receiv- 
ers of coffee. The firm later became Crossman & Sielcken, 
and are the United States agents for the valorization 
coffee, Mr. Sielcken being the New York representative 
on the Valorization Committee. The successful handling 
of this coffee has been largely due to his judgment and 
the willingness of his firm to purchase immense blocks 
of coffee amounting to hundreds of thousands of bags at 
a single sale. 

F. Probst & Co. were at No. 51 Broad street and did a 
large Mexican business. Kunhardt & Co., agents for sev- 
eral shipping lines, were at the corner of Broad and 
Beaver streets, where the Consolidated Exchange now is. 
Crossing Wall street, going north on the west side of 
Pearl street, was and is the Seamen's Savings Bank, one 
of the first new buildings in this location, at one time 
being looked upon as quite a wonder. It was built of 
iron, then considered the improved manner of building. 

Batter shall & Storm were at No. 161 Pearl street. Sam- 
uel Battershall, their salesman, was considered one of 
the best. The printing and stationery house of Geo. L. 
Nesbitt was then, as now, corner of Pine, where it has 
been since before 1850. Pine street was quite an office 
street. Here were T. W. Burton & Sons, Wm. P. Con- 
verse & Sons at No. 54, and H. H. Swift & Co. ; H. F. 
Hitch, of this firm, was later vice-president of the Coffee 
Exchange. The tea importing house, John Middleton & 
Co., and Edward W. Colies were also here. Heineman 



The Notable House of Bowie Dash & Co. 119 

& Payson, who made Japan teas their specialty, were just 
across the street. Near them was the old shipping house 
of F. T. Montell & Sons. Their line of steamers, running 
to the West Indies, was the largest in the trade and the 
first to be built so that passengers could travel to the 
tropics with comfort. B. D. Herrick, later Herrick & 
Hougterling, at about No. 53 Broadway, was then at No. 
81 Cedar street. It was a little out of the way for our 
trades, still the drug importing house of Fischer & Ewald 
was there, also Fuller, Finch & Fuller and John L. Riker 
& Co. Returning, on south side of Pearl street, at No. 
178, were Charles E. Hill & Co. J. R. Turnbull, their 
bookkeeper, later became vice-president of the Guaranty 
Trust Company. Amos A. Gould and William Beatty, 
tea brokers, were at No. 171. 

One of the characters of the street was the old scrub- 
woman who would call regularly with pail and scrubbing 
brush, very anxious for work which she never got, but 
samples of coffee, tea and sugar she received as expected. 
For a joke she was one time asked to scrub the office 
floor, but her back hurt her so much she could not do it. 
We always afterward inquired how her back was. As 
prices then were high, samples were valuable, and she 
accumulated a very comfortable living. 

On the southeast corner of Pine and Pearl streets 
Bowie Dash & Co. \iere located — one of the three great 
coffee importing houses. With them were Messrs. Mason, 
Foster, Swazey and I-urdy. George Mitchell was their of- 
fice boy. All afterward became prominent in the coffee 
trade. Mr. Dash was very active in church matters, being 
a vestryman of old Trinity for many years. He was 
quite a small man, but in stature only, and when a little 
excited would throw back the lapel of his coat and walk 
the floor. A bold operator, quantity never feazed him. 



120 Reminiscences of Lower Wall Street 

A more generous-hearted man the coffee trade never had ; 
to induce him to advance his offer when buying was most 
difficult, but appeal to him for assistance and he was most 
liberal. 

Scudder & Avis, custom house brokers, were at No. 
168. Harry Boughmeyer, who was with them, was one 
of the most noted amateur athletes, and we boys delighted 
in telling and hearing of his wonderful deeds. F. W. 
Agnel, a broker, was also at No. 164. John D. Mackenzie 
& Co., tea jobbers, were at 152 Pearl. Mr. Mackenzie 
was sometimes called "Napoleon," owing to the great re- 
semblance he bore to the Emperor. 

I must go back to 174 Pearl, the offices of Masterton 
& Reamer. I shall always remember Mr. Reamer. The 
boys enjoyed watching him make a sale of tea in the 
brokers' offices. Having a cast in his eyes, he would, on 
being asked for his opinion as to the best tea, approach 
the table sideways and look for the poorest draw; then, 
tapping the cup with the spoon, say: "Sonny, there is 
the best tea." If it chanced to be his tea, all right ; if not, 
he said: "Well, well; Masterton (his partner) always 
said I knew nothing about tea, and I guess he is right." 

Richard Kolb's restaurant was about No. 150. He ac- 
cumulated a fortune only to see it dwindle away. There 
was a little dining room on the third floor used for par- 
ties, and many large coffee deals were successfully car- 
ried out here. At the corner of Wall was the Marine 
Bank ; above the bank was J. M. Cebellos & Co., bankers 
and agents for a line of steamers. Greer-Turner Sugar 
Refining Company were in the casement. 

The tea firm of Alfred H. Gibbs was at 68 Wall street ; 
the sugar importers, Willett & Hamlin, now Willett & 
Gray, at No. 69. 




ARTHUR BENSON, 

HATFIELD & BENSON. 




RUFUS STORY, 

RUFUS STORY & CO. 
[From Painting in possession of Dwight P. Cruikshank, New York] 



A Restaurant Famous for Three Things 121 

This old firm always had my admiration and they still 
believe in doing business under the golden rule. Nathan 
Lane's stationery store at No. 68, above them being Gans, 
the tobacco broker. On the corner of Water and Wall 
streets was the Tontine building, for many years one of 
the sights. Over each window and entrance, carved in 
stone, was a grotesque head, while at the main door was 
a very large head of Bacchus. It was said that no two of 
the heads were alike. In another chapter will be found 
history of this building. There was a drug store in the 
basement ; also Bingham's stationery store. The Hazard 
Powder Company occupied the main offices. One of the 
cashiers in this office always wrote receipts backwards, 
much to the admiration of us office boys. 

Hugh R. Healy and Louis C. Naiswald, both in the 
syrup and molasses business; the old coffee importing 
house of J. L. Phipps & Co., and others, had offices in this 
building. Bullock & Co. and T. L. Vickers were at No. 
120 Water street. Theodore T. Sheffield and George S. 
Way, both tea jobbers, were at No. 130; R. P. Percy, also 
Brown & Melville, at No. 134; T. S. & J. D. Negus, nauti- 
cal instruments, at No. 140. Mr. Negus was one of the 
finest looking men downtown. A little further on was 
Petite & Crooks' restaurant, with waiters on the first 
floor, where we clerks were supposed to dine, while on the 
floor above were waitresses. There were three things for 
which this place was famous: baked apple dumplings, 
Annie and Mary who later claimed the coffee and tea 
trades as their own, their tables during the busy hours 
always being occupied. Each received every year a hand- 
some Christmas remembrance. 

This was the time when all were making money and 
there was much joking and fun going the rounds of the 



122 Reminiscences of Lower Wall Street 

street. Perhaps the two greatest jokes were perpetrated 
by and on a broker. Inserting in one of the leading 
papers an advertisement for a dog for which a fancy- 
price was to be paid (the kind of dog was not mentioned) , 
the following day dogs of all kinds, sizes, colors and 
breeds were presented at the Front street office of the 
presumed buyer. One can well imagine the crowd that 
gathered in the neighborhood of this office. It became 
necessary for the police to keep the street clear. The 
owners were very indignant when told that no dogs 
were wanted, and they and their dogs each expressed 
anger in his own particular way. A few months later 
an advertisement calling for girls to pack sugar at ex- 
travagant wages appeared in one of the papers, applicants 
to apply to — Wall street, the office of the broker. Hun- 
dreds of girls and women flocked to the office. For a 
time the broker endeavored to explain that it was only 
a joke, and in many cases gave the applicants their car- 
fare, but was soon forced to abandon his efforts and 
close the office. The police were called upon to prevent 
damage being done to the building. The street thought 
that such joking had gone too far, and so expressed 
themselves. 

The spice importers, Packard & James, Mr. Garretson 
being their salesman, were at No. 123 Maiden Lane. 
Darwin R. James was at one time a member of Congress. 
The Fulton Mills — John Byner — were at Fulton street. 
Those who were in the coffee trade in the '70s will always 
remember Uncle John Byner, who always wore an old- 
fashioned frock coat and silk hat. He was a large specu- 
lator in Java, being an excellent judge of its merits. 
Walter, his son, was salesman for the firm. Bennett & 
Becker were corner of Fulton and Front streets. "Hand- 
some Jim" Bennett, as he was called when prosperous, 
and Joe Becker comprised this firm and, while doing 
largely a retail business, would often buy a thousand 



The Celebrated "Diamond A Mocha" 123 

bags of coffee at one purchase. Their profits were very 
large, and they were looked upon as having one of the 
finest locations in the city. The Brooklyn Bridge took 
from Fulton street most of its business. They failed, and 
each started anew, but were again forced to give up. The 
end of "poor old Jim Bennett" (as he was then called) 
was very sad. 

Samuel Wilde's "Old Dutch Mills" were in Dutch street. 
He had a very large trade with hotels and restaurants. 
One would quite often see on the bill of fare at prominent 
restaurants, "Samuel Wilde's celebrated Java Coffee used 
exclusively." 

Returning on east side of Water street, at No. 177, 
were Archer & Bull, importers of East India goods. I 
have forgotten Arnold, Heins & Co.'s number, but they 
were the importers of the celebrated "Diamond A Mocha." 
Corner Maiden Lane then, as now, was the drug store of 
John Carlie & Son, at that time doing also a retail busi- 
ness. The spice house of E. R. Durkee & Co. were at No. 
135 Water street. E. R. Durkee, Zina Case and Mr, 
Burges comprised the firm. They established a most 
enviable reputation, and to-day the "Challenge Brand" 
spices are known the world over. T. F. Young, tea jobber, 
and Labaree & Steers were at 133, corner Pine and Water. 
In the basement was the oyster and chop house of Mark 
Cook, one of the popular eating houses downtown. Mark 
was his own chef, his son the waiter, and Miss Cook 
cashier. Everyone in our neighborhood knew the whole 
family, and the way you were received you would almost 
believe you were one of them. Mr. Cook retired about 
twenty years ago with a comfortable fortune. Above 
him was the old snuff house of Heilin. J. W. Phoenix & 
Co. were at No. 127 Water; Charles Davis was their 
salesman. They made a specialty of pea berry, and at 
one time sold about 75 per cent, of that grade of coffee. 



124 Reminiscences of Lower Wall Street 

Biddle & French, East India goods, were also in this 
building. 

At 123 and 125 Water street was the famous old land- 
mark, built in 1823 by George Washington Brown, then 
called Auction Hotel, It was first used as a hotel ; after- 
ward Auction House Restaurant. In this section of the 
city were located most of the auction firms, auction at 
this time being the popular way of selling goods. Well 
can I remember the sheet-iron floor, patched like a crazy 
quilt; the pie counter, where pie, milk and coffee were 
served ; the quaint bar, the little back room, the two pairs 
of iron stairs leading to the main floor ; the low ceilings, 
the windows with their little panes of glass, the old-fash- 
ioned furniture, all made the place very dear to the old 
merchants of our locality, as reminders of bygone days. 

Corner of Water and Wall streets, in the basement, 
were Minford, Thompson & Co., merchandise brokers, 
the firm doing the largest distributing business among 
the wholesale grocers in the country. With them were 
Major McNulty, Burnes, Harry Thompson and George 
Conners. Mr. Rodgers, their bookkeeper, was lost in 
the Seawanhaka accident at Hell Gate. The Turner 
brothers were also with this firm, now at 122 Front street* 
and among the largest sugar brokers. L. W. Minford 
attended to the sugar buying. There were then a dozen 
different sugar refineries; each put out every morning 
samples of five to ten different grades of sugar — previous 
day's refining. Mr. Minford was an excellent judge of 
both sugars and of his customers' wants, and being a 
fearless operator, he would often buy the total output of 
one grade, when it was unusually fine, amounting to hun- 
dreds of barrels. He would then telegraph over the 
country, even so far as San Francisco, and place the en- 
tire lot by the following day. He became a power in 
the market. Mr. Thompson and Major McNulty had 
charge of the coffee and were equally successful. 



The Old Darkey of Wall Street Crossing 125 

On the floor above were the offices of Moller, Seirck & 
Co., sugar refiners. Rather a good joke was told on Mr. 
Seirck. During the trial of a case, where he was a wit- 
ness, rather trying to avoid answering a question, the 
presiding judge became out of patience and, turning to 
Mr. Seirck, said : "What did you say your business was ?" 
Answer: "Sugar." "Well," replied the judge, "I should 
say you were a sugar man." Above them were the Miles 
Standish literage and spring water business. Crossing 
Wall street, here was where an old darkey (I do wish I 
could remember by what name we called him) used to 
sweep the crossing every rainy or muddy day. When he 
saw a lady or gentleman about to cross he would call: 
"Come right across, lady," or gentleman as the case might 
be — or if he knew you would call your name, sweeping 
before you as you passed, and always touching his hat on 
receiving his tip. There never was a better-natured man 
than this old colored sweeper, always joking, no matter if 
it snowed or rained, and when he did not receive the ex- 
pected tip he was just as pleasant, saying, "To-morrow 
will do." It was said he had formerly been a slave. 
The old street crossing sweepers have gone, remembered 
only by few and by them regretted. 

The reader will notice that there were but few tea and 
coffee firms on Water street north of Wall ; then, as now, 
the businesses were mostly in the tobacco line. The 
North River Sugar Refinery was on the first floor of No. 
92 and 94. Above them were Wright Gillies & Co., the 
New York Steam Sugar Refining Co., and J. R. Lockett 
& Co., and I believe Campbell & Howell, and A. K. 
Kearny, formerly with Kirkland Bros. & Co., were also 
in this building. Among those one was apt to meet in 
this office was Mr. Pope, of T. S. Gregory & Co., and 
later, Miner, Pope & Co., of Burlington, Vt. Coffee at 
that time was largely sold by the brand or mark. Mr. 



126 Reminiscences of Lower Wall Street 

Pope was very partial to a Guatemala, sold under the 
plantation mark of "Les Nubes." For years Mr. Pope 
believed the coffee came from Africa and considered it 
the best coffee grown. The firm became Pope, Berry & 
Hall, doing one of the largest coffee roasting businesses 
in New England. George Boardman, of Albany, and Mr. 
Bennett, of Bennett & Sloan, then of New Haven, also 
made their headquarters in Mr. Kearny's office. 

Havemeyer & Elders were at No. 98. Mr. Havemeyer 
could be seen most every day sitting on a little seat at 
the end of the counter. At one time I knew H. 0. Have- 
meyer quite well. While at times he was rather cross, 
yet, to the brokers, he was a good friend, always, when 
possible, standing by them. That he knew of the short- 
weight frauds I will never believe, and to place dishonest 
transactions at the door of the dead is, at least, not brave. 
W. P. St. John was their salesman; he was later presi- 
dent of the Mercantile Bank and treasurer of the Demo- 
cratic National Committee in 1894. Mr. St. John was 
popular with the whole street, and it was greatly re- 
gretted that he allowed the free silver idea to run away 
with his better judgment, as few young men had so bright 
a future before them. 

Many of us still remember Mr. Sherry or, as he was 
better known, "Deacon" Sherry, of the firm of Squires, 
Sherry & Galusha, of Troy. He always spoke of the 
salesmen as missionaries, and his firm as "Sure, shotty 
and good." They did the largest wholesale grocery busi- 
ness in Northern New York, and through their request, 
Troy was made a port of entry. 

Booth & Edger, sugar refiners, were at No. 100 Wall 
street. James C. Russell and Mr. Grimwood were with 
them, later forming the brokerage firm of Grimwood & 
Russell. Sutton's California Clipper Line had offices 



Beginnings of a Great Steamship Company 127 

above them. For years the ships of this line, which went 
around the Horn, were the pride of our merchant marine. 

Abram H. Miller, buyer for Miller, Griner & Co., of 
Buffalo, and Rowland T. Hill were also at No. 100. Bur- 
dick & Frisbie, the raw sugar brokers, were at No. 102. 
Moses Wanzor was their salesman. Above them were 
Hewitt & Co., weighers, and Van Vleck & Co. George 
Dearborn, the junior member, had offices in this building. 
They also had a line of California clipper ships, and later 
the Sutton lines consolidated with them. The cutting of 
freight rates between New York and the Pacific Coast 
by the Pacific Mail S. S. Co. and the railroads had be- 
come so severe, that the sailing ships had but little busi- 
ness left for them. Dearborn alone remained in the 
business. When normal rates were restored, he had 
more than he could well do, with even the grand old 
clipper ships; so the steamship line was formed. 

We little expected that this company would develop 
into one of the largest steamship lines in the country, 
the American-Hawaiian Line, with Dearborn & Lapham 
the agents. 

Freeman Philpitt's barber shop was in the basement 
of No. 94. When the tide was extra high, one was obliged 
to walk on planks, yet here most every afternoon one 
would meet Joseph J. O'Donohue, T. L. Negus, Mr. Beatty, 
Major Kemp and one of the de Reivira boys. Had a 
stenographer been present a most wonderful book of tales 
might have been written. Many of the basements often 
had to be pumped out on every extra tide. 

Corner Wall street and Front were Beebe Bros., large 
tea brokers. Charles Beebe is still with us. Tea must 
be the elixir of youth, for there are now so many young 
tea merchants who were here in the '703. John B. Mix 
was their office boy. 



128 



Reminiscences of Lower Wall Street 



Above them were Norton & Co., agents for a line of 
steamships. There are few who now remember Mr. 
Cronin, the old book man; in personal appearance lit was 
most unkempt, with long whiskers and hair, soiled shirt 
and sans collar. He carried with him the most valuable 
books. I remember seeing a copy of the "Breeches Bible," 
of priceless value. He could tell the history of most of 
the editions. There was another character, the second- 
hand dog man. It was he who played rather a good joke 
on one of our leading coffee jobbers. We were all in 
Waite, Creighton & Morrison's offices looking at the dog, 
a pug, he was trying to sell. Our coffee jobber thought 
well of this dog. Being very light in color, when dark 
ones were the prevailing style, it did not quite suit; but 
as the seller had a dark one at home, he would bring it 
the coming week, but the price would be very much more. 
Agreeable to his promise he appeared with a fine dark 
pug, which was purchased by our friend. A few months 
later he was seen with a very light pug. The joke was 
too good to keep. It was the first dog dyed and the color 
had washed off. 

Looking back on the streets we have just gone over I 
can remember the distinguished gentlemen who walked 
up Wall street from the ferry : Rev. Henry Ward Beecher, 
Rev. DeWitt Talmadge, Gen. Stewart L. Woodford, H. G. 
Lapham, one of the princes of the leather trade; Silas 
Dutcher, Mr. Stone, of the Journal of Commerce, and Mr. 
Elwell, shipping merchant. The last two were continu- 
ally striving which could outdo the other in wearing the 
most beautiful bouquet pinned to the lapel of the coat. 
Delatour's, 25y 2 Wall street, was not only noted for min- 
eral waters, but was the city's weather bureau. John 
Jacob Astor very often walked to South street and re- 
turned, and sometimes Jay Gould. It was about this time 
the ice bridge formed over the river. Many from this 
section crossed over. 




E. M. OSBORN, 

REEVE, OSBORN & TAYLOR, 




ABRAM WAKEMAN, 



AUTHOR OF THIS BOOK 



West Side Buyers in Lower Wall Street 129 

The lower end of Wall street was as crowded in those 
days as the upper end is now. The wholesale grocery 
business from the west side were represented every day 
by their buyers. R. H. Davies, for H. K. Thurber & Co. ; 
Thomas McCarthy, for Fitts & Austin, later Austin, 
Nichols & Co.; Mr. Greenwood, for Hoppock & Green- 
wood ; M. Barnicle, for Henry Welsh & Co. Perhaps 
there was no house on this west side that employed so 
many different clerks. They did a large business, and 
many wonderful tales are told of them. L. Schepp did 
his own buying — Sheffield & Childs were his tea brokers 
for a while. We thought he was a wonderfully bright 
buyer ; while drawing teas, Mr. Schepp would say to the 
salesmen standing around : "Now, boys, each one mark 
on a slip of paper your very lowest prices.' ' After test- 
ing the teas he would whisper to one : "Just run around 
to the office and see how much they will shade the price." 
He would then call another and say the same to him ; per- 
haps neither would represent the tea he wished. After 
a while the salesmen "were on," and only pretended to 
go to their offices. James Armstrong, who had his store 
near Schepps, was the one man who understood him. 
Christopher Searing, his shipping clerk, was, until his 
recent death, with Hard & Rand ; Mr. Delimeter, of E. C. 
Hazard & Co. ; Mr. Moore, of Moore, Jenkins & Co. ; Mr. 
Clark, of Bass & Clark; Mr. Park, of Park & Tilford, and 
Mr. Acker, of Acker, Merrall & Condit, always came to- 
gether twice a week in a carriage, dividing their pur- 
chases. 

I remember once, when trying to sell Mr. Park an out- 
side fancy grade of coffee, that he said : "I do not doubt 
it is the finest coffee ever grown, but we are not mission- 
aries ; never try to teach the public, but sell them the best 
of what they want." Edward Rafter had one of the first 
chain of stores. He did his own buying and, while he 
drove a sharp bargain, it was always a pleasure to try 



130 Reminiscences of Lower Wall Street 

and sell him. Mr. Barton, of S. T. Willetts & Co., was 
one of the to-be-remembered men. He tied his hair in 
a little knot on the top of his head with a bit of shoe- 
string. He wore a silk hat of most ancient vintage, 
propped up in the inside with small sticks. He was of 
a most cheerful disposition and an excellent judge of tea. 

Joseph Stiner had a large retail tea and coffee store 
on Vesey street. He was one of the most jovial men on 
the west side. 

Guatemala pea berries were his hobby. We boys at 
times wondered if Mr. Stiner came over to buy goods or 
tell stories. 

Perhaps there is no one who did more to assist the 
coffee roasters than my old friend, Jabez Burns. For 
years coffee roasting machinery was so cumbersome that 
there were but few coffee roasting plants other than those 
in the largest cities. Families did their own coffee roast- 
ing. Mr. Burns, when I first knew him, had a little fac- 
tory in Warren street. Assisted by "my boys," as he 
called his sons, and being of an inventive turn of mind, 
he soon changed the old-fashioned coffee machinery into 
the more simple and modern of to-day. There is scarcely 
even a fair-sized town now but has some of Burns' coffee 
machinery. The immense new plant is now being car- 
ried on by "his boys." 



FIRST COFFEE ROASTING 
PLANTS IN NEW YORK 



During my research, work I came across the advertise- 
ments of New York's first coffee roasting establishments. 
I believe they are also the first in the United States, for 
had any other city had one, it would have been mentioned. 

The loss of weight in roasting is given at 25 per cent., 
and the price as 50 cents per pound. The reader will 
notice that this price is conditional on the cost of the cof- 
fee green, which shows that the coffee market fluctuated 
even if there was, at that time, no coffee exchange. 

It also appears that much depended, in those days as 
now, on the preparing for the table, and it was as diffi- 
cult to obtain a good cup of coffee in 1794 as in 1914. 
Coffee at that time was imported principally from the 
West Indies, in hogsheads, tierces, barrels and bags. We 
imported in 1795 about one hundred thousand bags. 



132 First Coffee Roasting Plants in New York 

From New York Daily Advertiser, February 9, 1790 

New Coffee Manufactory. 

Highly necessary in this, city the subscriber informs the public 
that he has provided himself with proper utensils at a considerable 
expense to burn, grind and clarify coffee on the European plan so 
as to give general satisfaction. This useful manufactory would 
save the inhabitants on reflection considerable in that article, as 
it is often through want of knowledge or wrong management, in- 
jured and spoiled by trusting to careless servants; whereas, by 
making it his business to serve the citizens with coffee ready pre- 
pared would be able to make it better and sell it cheaper than it 
could be bought in the grain, besides loss of time, waste and 
expense. 

This undertaking invites the public to try the experiment, as it 
may be had in pots of various sizes from one to twenty-weight 
well packed down, either for sea or family use, so as to keep good 
for twelve months and be clear, strong and well tasted from a 
proper receipt. Apply at No. 4 Great Dock Street. 

J. Applegate. 

How long Mr. Applegate continued in the business I 
could not find out. The City Coffee Works of 1794 no 
doubt succeeded him. They removed to Pearl street in 
1795, and from the reading of their advertisement, I 
would judge the business had fallen into new hands. 



From New York Daily Advertiser, January 15, 1794 

City Coffee Works— New York. 

Queen [Pearl] Street No. 232— head of the Fly Market [Maiden 
Lane] West side, for the information of foreign vessels, pass.en- 
gers, strangers, &c. Where every necessary utensil is provided, 
at a considerable expens.e for the purpose of parching, and grinding 
coffee in its full state of perfection. Where great bodies are 
roasted gradually together, so as to make it of a proper brown in 
a machine calculated to beat off all the outskins, then sifting it 
clean from dust and chaff, so as to make it drink clear and regular, 
when infused by s.kilfull hands, as greatly depends on that, 
Whereas, 2 or 3 pounds are burnt in a family pot, pan or thin iron 
box, its generally incorporated with bran, dust &c. in the common 



Advertisements of First Coffee Roasters 133 

way, rather of a black and bitter taste, or compounded, and some 
part entirely lost its useful quality, but where this business is. at- 
tended by constant experience in manufacturing it superior, it 
must always invite every judicious taster, and as it can be made 
so much cheaper at the works than would quit anyones cost, being 
often injured and wasted for the want of proper mills, being very 
small and tedious in grinding, and mostly out of order. This insti- 
tution would be very useful in every large town, in particular sea 
ports as seamen and passengers, have found great conveniences in 
many cases at sea, as experience has proved, having applied con- 
stantly at the factory this 4 or 5 years past, where it is put up in 
cannisters well packed from the mill, so as to keep for six months 
or longer, if kept from the air and water, good as the first hour it 
was made and would admit a pretty profit, and very ready market, 
in any foreign place, after trying the quality, as I have seldom 
found one house out of six have made it regular, touring some 
years through the different Islands in the West Indies, Charleston, 
and traveling through the United States. Coffee roasted for imme- 
diate use has a greater sense of smell. While doing, but when cold 
is equal the same in substance, this is sold at the present price as 
grain now stands by the quantity at 2 shillings no person can 
afford to make it less, as it will take one thousand weight to make 
seven hundred and fifty well roasted and cleansed. 

May 30, 1795. 

Coffee Manufactory. 

The subscriber manufactures the best green coffee well cleaned 
from chaff and dust, equal to any of the United States, at his 
house, No. 25 Thames Street, near Cortland's Sugar House, North 
River. Grocers, boarding houses, masters of vessels, and others, 
who purchase for sea stores or private families, may be supplied 
every day (Sundays excepted) with any quantity of fresh coffee. 
It is presumed that those who are pleased to send for any of his 
coffee to make trial of its quality, will be so far satisfied with its 
goodness, color and flavor as to be induced to continue their fa- 
vours, which will be gratefully acknowledged. James Thompson. 

August 5, 1795. 

The Old Ground Coffee Works. 

For the purpose of supplying grocers, shipping, etc., is removed 
to Pearl Street, formerly Hanover Square, three doors below the 
Bank at No. 110, and is now fitted up in a new and expeditious 
construction both for roasting and grinding large bodies of coffee, 



134 First Coffee Roasting Plants in New York 

having two mills, one pair French burr stones completely furnished 
which can throw out upwards of a thousand wt. per day. 

The business utensils and machines are so well calculated having 
had six or seven years' experience as to supply both New York 
and Philadelphia with that article cheaper than any individual can 
possibly make it, or spare his time if made of equal quality of 
grain, as no pains or trouble has been spared in making this com- 
plete for the purpose at the pence of 700 pounds; and as he has 
now got up all his machinery on so expeditious a plan, he would 
undertake to supply all the groceries in this City at the small price 
of two pence, advanced from the roasting loss, but cash would ba 
generally expected. 

N. B. None sold under the half dozen pounds. 



THE GREAT COFFEE TRADE 
FAILURES OF 1880 



During my business life in lower Wall street there have 
been but few sad periods, but perhaps the greatest was 
the fall of firms that had taken generations to build into 
monuments of stability yesterday, crumbled into dust 
to-day, none knowing who was to follow or where the end 
was. We gathered in each other's offices, each doubting 
of his friend's ability to "stand the strain/' knowing his 
own precarious condition, fearful to question his neigh- 
bors, coffee seemingly having no value. It was indeed a 
week of mourning, affecting even the clerks, but the 
events revolutionized the coffee trade of the world and, 
like all revolutions, the cost was tremendous. 

The high prices of 1870 had stimulated the planting of 
coffee, not only in Brazil, but in Mexico and Central 
America. Eight years after planting the tree is at its 
best. In 1880 the syndicate found themselves with a very 
heavy load. On July 1, 1861, the total visible supply, all 
kinds, was 162,642 bags, whereas, January 6, 1880, the 
total visible supply was 766,679. Prices: Rio, prime, 



136 The Great Coffee Failures of 1880 

16*4 ; fair, 15^4 J ordinary, 14^4 ; Santos, fair to good, 
15^4 to 16^4 ; Maracaibo, lSy 2 ; Java, opened, 24j^. July, 
the visible was 739,991, of which 35,567 were Santos. 
The summer months were very dull, with another large 
crop coming in. Santos had commenced to be felt. The 
prices had to be kept up by the syndicate. Their great 
effort being to hold Brazils, they were forced to let Java 
decline. January, Javas were 24^4 ; April, 23 ; May, 22 ; 
June, 20; July 1, 19y 2 > then to 21; October, 20 to 19; 
November, 20 to 18 ; December, 20 to 16. Through the 
fall the only buyers of Brazils were the syndicate. Nearly 
every day there were rumors of firms being in financial 
trouble. October 27 these rumors became more definite, 
and C. Risley & Co. failed. The failure was not unex- 
pected, as the firm were known to be carrying large 
stocks and to have put their credit to its utmost test. I 
copy from the Journal of Commerce, October 28, 1880: 
"C. Risley & Co., who have been established in Wall 
street for a period of thirty years, were compelled to 
make an assignment yesterday. Their liabilities are 
heavy, reaching $800,000, and their assets are only $400,- 
000. Morgan J. O'Brien is the assignee. The firm's 
embarrassment crept upon them gradually. It is pre- 
sumed that extensive purchases of mild coffee made at 
about this time last year, which stock they had to carry 
along since, with a steady loss, had most to do with 
their present condition. Some trouble has been given 
them by the difficulty in making collections, and espe- 
cially from out-of-town customers. The concern has 
the sympathy of the entire street." 

On October 28, Maracaibos were 13 to 16. The market 
was in a erry nervous state, and while the firm were 
dealing principally in mild coffees, their standing as one 
of the oldest in the trade and their close connection with 
a very large and rich spice house, led people to believe 



The Sudden Death of 0. G. Kimball 137 

they would be able to get a settlement with their credi- 
tors, but after a statement had been made out it was seen 
the firm were hopelessly involved. The prices of coffee 
were further forced down by the endeavor of the re- 
ceivers to sell the firm's stock. 

November 25 the assignment of the tea importing 
house of Samuel Stevenson, 130 Front street, was an- 
nounced, with liabilities, $102,718, nominal assets, $62,- 
359. While this was a small failure, yet the condition of 
the street was such that it let rumors afloat regarding 
other houses. Monday, December 6, word was received 
of the sudden death of 0. G. Kimball, of Boston, on the 
night of the 4th. Mr. Kimball, seemingly in good health, 
had been in New York only a few days prior to his death. 
With the knowledge that he was very heavily interested 
in the market, one of the great trinity, the whole trade 
awaited the crash, which came Tuesday, December 7, the 
following day. The market, according to William Scott 
& Sons circular, December 7, was: Stock Brazils, 144,- 
910, of which 21,015 are Santos; stock Brazils, second 
hands, 437,607; total, 582,517. There was also a very 
large stock of Java and other mild coffee. Quotations 
nominal: Ordinary, 10 J4; fair, 12^4; good, 13J4 ; 
prime, 13$i. 

The New York Journal of Commerce, of December 8, 
1889, published the following: "The rumors that have 
been in circulation for some days past, that several prom- 
inent coffee houses were in difficulties, culminated yes- 
terday in the report that Messrs. B. G. Arnold & Co., the 
leading house in the trade, had suspended. At first the 
report was not credited, except in interested circles, as 
the house had always borne the highest reputation for 
financial stability, and its dealings have been on a gigan- 
tic scale. But about noon the announcement was offi- 
cially made: the members of the firm had made an as- 



138 The Great Coffee Failures of 1880 

signment to Mr. J. Lawrence McKeever, 128 Pearl street. 
As soon as the authoritative statement was known, the 
rumor committee set to work and in a short time reports 
affecting the standing of another equally well-known 
house, and of several smaller concerns, both here and in 
Philadelphia, were circulated. There was no other sus- 
pensions, however, officially announced, though several 
firms are known to be in serious difficulties. 

"At the office of Messrs. B. G. Arnold & Co. no in- 
formation could be obtained, beyond a confirmation of 
the statement that they have made an assignment. Mem- 
bers of the trade state, however, that the firm had been 
seriously embarrassed for some time, owing to the im- 
mense stock of coffee they were carrying, in the face of 
a steady declining market. It was said that this firm, 
in connection with Messrs. C. Risley & Co. (who re- 
cently suspended) and 0. G. Kimball & Co., of Boston, 
and several other leading firms in this city, Boston and 
Philadelphia had formed a combination to control this 
season's coffee crops ; they purchased very heavy quanti- 
ties during the summer, but the price has for some 
months past steadily declined, the decline since October 
1 being about 3 cents per pound. 

"The failure of Risley & Co., owing to the large stock 
they were carrying, had an unfavorable effect on the 
market, and it has been in a very precarious condition 
for some time past. The immediate cause of the failure 
of Messrs. B. G. Arnold & Co. is attributed to the sud- 
den death in Boston, on Saturday night, December 4, of 
Mr. O. G. Kimball, one of the leading spirits of the bull 
combination. No reliable statements of the condition of 
affairs of the firm can be obtained at present. The esti- 
mate of liabilities by those conversant on the street range 
from $750,000 to $1,500,000, but they are probably 
$1,000,000. It is said the greater part of the liabilities 



The B. G. Arnold & Co. Failure 139 

are due to banks for advances on coffee now in store and 
that the most of them are abundantly secured, and it 
seems to be the general impression that the firm will 
pay in full, or very nearly so, if sufficient time be 
allowed to realize upon the stock of coffee held by them. 

"Messrs. B. G. Arnold & Co. have always been reported 
to be very wealthy and the capital of the firm was gen- 
erally stated at one million. The announcement of the 
failure excited great surprise in general business circles, 
for this house is one of the oldest and best known now 
in business in this city, and has passed all the panics 
and periods of depression for half a century with un- 
blemished reputation. The head of the firm, Mr. B. G. 
Arnold, is a leading member of the Chamber of Com- 
merce, a director of the Bank of New York, and deeply 
interested in numerous other financial institutions. The 
house was first established in 1828 under the name of 
Reed & Lee. Then the style of the firm was changed to 
Reed, Hemstead & Sturgis. In 1844 Mr. B. G. Arnold 
joined it and the name was changed to Sturgis, Bennett 
& Co. There were many changes in the firm since that 
time, but Mr. Arnold has always been active in its man- 
agement. The present partners are Mr. B. G. Arnold, 
his son Francis B. Arnold, and Mr. Lyman R. Green." 

December 20, 1880. — Statements of liabilities and as- 
sets of B. G. Arnold & Co. : Liabilities, $2,157,914, se- 
cured $884,198, assets $1,400,000. 

December 9. — Absolutely no market; 12^ given as 
nominal price for fairs. There was no attempt to do 
business, everyone being suspicious of his neighbor. 
None of the larger firms escaped this suspicion, and many 
did not know if they would be the next to go. It was 
useless to try and sell their stock, as there was neither 
market nor buyers. It is needless to say Mr. B. G. 
Arnold had the deepest sympathy, not only of the coffee 
trade, but the whole business community. 



140 The Great Coffee Failures of 1880 

December 10. — Rumor became more personal and spe- 
cific, Bowie Dash & Co. being mentioned as being obliged 
to suspend. James Graham, of Philadelphia, wrote an 
open letter to the Journal of Commerce stating that his 
firm were in no way connected with the so-called syndi- 
cate. Others came forward with similar statements. 
William Scott & Sons' office, owing to this firm's close 
connections with Messrs. Arnold and Dash, were be- 
sieged with inquiries from all over the country. On the 
confirmation of the Bowie Dash & Co. failure, the worst 
of the storm was considered as having passed. 

December 11, 1880. — The announcement of the failure 
of Bowie, Dash & Co., with liabilities of $1,400,000, was 
not unlooked for. The Journal of Commerce said : "The 
firm of Messrs. Bowie Dash & Co. was one of the largest 
coffee distributing houses in the trade and in addition 
were large importers. They have been connected with 
Messrs. B. G. Arnold & Co. and O. G. Kimball & Co., of 
Boston, in their speculations, and have for some time 
carried an enormous stock of coffee in the face of a 
steadily declining market. These three firms constituted 
the syndicate to control this season's coffee crop, which 
has resulted so disastrously to themselves. The sudden 
death of Mr. Kimball broke up the 'pool' and precipitated 
a crash that has been expected for some time in the cof- 
fee trade. It is not yet known whether the affairs of 
Mr. Kimball are in a solvent condition ; his friends assert 
that they are, while well-informed dealers have grave 
doubts, and some predict large deficiency. On the set- 
tlement of his estate depends greatly the settlement of 
the affairs of both B. G. Arnold & Co. and Bowie Dash 
& Co. 

"The firm which suspended yesterday was one of the 
oldest in the trade, having been established over thirty 
years ago, under the name of Scott & Meiser. In 1855 it 



The Bowie Dash & Co. Failure 141 

became Scott, Meiser & Co., and in 1862 Scott & Dash. 
Mr. Dash had previously been connected with the firm as 
a traveling salesman. In 1864 it became Scott, Dash & 
Co., and continued under that name until 1871. When it 
dissolved, Mr. Dash continued in business until 1874, 
when he admitted his bookkeeper, R. A. Armstrong, to 
partnership." 

For weeks there was no market, quotations being nomi- 
nal, at one cent off. Many thought that had it not been 
for Mr. Kimball's death the so-called syndicate might 
have carried the market, but after-facts show that that 
would have been impossible. 

Only a short time before Daniel Kissam Young's death 
he wrote me: "The losses on coffee were very heavy- 
after the boom of 1879. I remember declining 23 cents 
from Dash on Preange, and they sold the next year at 
13 cents to Sanger — it was ex Hebe." 

Importations in New York during the year 1881 kept 
on increasing, almost 12,397,000 pounds more than 1880. 
Besides, all the Southern ports received largely in excess 
of former years. Prices dropped from 12^4 in January 
to 9.J4 in June. New York was then on its own re- 
sources and the load was too much; we had largely lost 
our outlet. 

Settlements could not be made for any of the unfor- 
tunate firms, liquidating and disposing of the immense 
holdings kept prices declining. F. B. Thurber, in his 
book, "From Plantation to Cup," puts the losses in coffee 
for 1880 at from $5,000,000 to $7,000,000. Including 
1881 they would foot up to nearly $10,000,000. The 
Santos crop had become a great factor, but that it would 
one day be the only factor was little suspected. Ship- 
ments from Santos, 1876-77, were 628,903 bags; 1880-81, 
1,198,625 bags. Our market had been accustomed to 
figuring on the Rio crop only. 



142 The Great Coffee Failures of 1880 

From Mr. F. B. Thurber's book: 

"The following definitions of what constitutes the dif- 
ferent grades are generally accepted on the market, but 
nothing binds them as standard: 

"Choice to Fancy. — Coffee that is entirely free from 
any imperfections, uniform in color and size of bean, and 
extremely sightly in appearance. 

"Prime. — That which is free from imperfections, quite 
regular in color and size, but deficient in the rich, glossy 
appearance that makes 'Choice to Fancy.' 

"Good. — Is that ranging from almost to strictly clean, 
good in bean and color; in fine, what may be termed a 
nice, plain coffee. This is the average grade. 

"Fair. — Is that which is moderately clean, having now 
and then a few black or broken beans, or those mottled 
in color or showing various slight imperfections. 

"Ordinary. — Is indefinite in color and quite unsightly 
in appearance, being largely mixed with black beans and 
other imperfections. 

"Common. — Is a poor, unsightly coffee filled with im- 
perfections, such as black and broken beans and of no 
definite color. This is the lowest grade of Rio excepting 
Triage/ a coffee which is exactly described by the word, 
trash." 

As Mr. Thurber was not a practical coffee man, he 
probably obtained the above information from William 
Scott & Sons. 

Profits had turned to losses and differences had nar- 
rowed down to an eighth. A closer difference between 
grades became necessary. There had been talk of form- 
ing a coffee exchange for nearly a year. A charge was 
at this time made for all samples, both of tea and cof- 



Organization of The Sugar Trade 143 

fee. A small scale stood at one end of the counter where 
one was expected to weigh them. 

December 10, 1880. — The sugar trade was organized, 
and there was a movement to form a sugar exchange to 
adjust differences and controversies, adopt standards, se- 
cure rooms for meeting and transact business. The fol- 
lowing trustees were chosen to form by-laws and further 
the organization: Lawrence Turneir, of Moses Taylor 
& Co. ; B. F. Butler, of Maitland, Phelps & Co. ; John T. 
Terry, of E. D. Morgan & Co. ; R. B. Minturn, of Grinell 
& Minturn; Osgood Welsh, of S. & W. Welsh; Amadoe 
Vetable, Henry F. Fitch, of H. H. Swift & Co. ; James A. 
Hewlett, of Hewlett & Torrence; Graham Young, of 
Young & Co. ; Santiago Michelena and Ira Bursley. The 
Sugar Exchange lasted but a short time, the refiners be- 
ing very much opposed to such an organization, the Ex- 
change could accomplish nothing. 

As I have written, most of the firms who dealt in 
coffee also were interested in tea or sugar, or in both. 
We therefore must go over the grounds again. Prior to 
the Civil War, 1861, the Southern ports furnished a large 
portion of the sugar used. In 1843, R. L. & A Stuart 
quoted Standard Double sugar at 11; Extra Double loaf 
at 12; Crushed at 11. In February, 1862: Loaf, 10^4; 
Crushed, 10^ ; Granulated, 10^ ; Ground, 10}4 ; White A, 
9ji; Yellow C, 9#. June, 1864: Granulated, 24; 
Crushed, 24 ; Powdered, 24. December, 1877 : Cut Loaf, 
10; Crushed, 9^; Granulated, 9}4; Powdered, 9fa To- 
day the quotation, notwithstanding there is a so-called 
trust, is granulated, the standard sugar, tyi cents per 
pound. 

In 1865, consumption of coffee fell to 2-43 per capita, 
price 6.6, duty 5c; while in 1892 consumption was up to 
9.61 per capita and average price 20, free. In 1898 tea 
fell off to .93 per capita, with price 14 to 17. 



144 Course of Tea Prices 

Course of Tea Prices 

I regret that I have been unable to give complete 
statistics on tea. As has been stated, our country for 
many years in its early period was a tea consuming one. 
May 16, 1748, the quotations for tea were: Bohea, per 
pounds, 15s.; green, 30s.* 

In 1821 tea imported into United States, 4,975,646; 
coffee, 21,273,659; excess of coffee over tea, 16,298,013; 
1856, tea, 22,889,850 ; coffee, 235,865,268 ; excess of cof- 
fee over tea, 212,975,418; 1904, tea, 112,905,541; coffee, 
995,043,284; excess of coffee over tea, 883,137,843, all in 
pounds. 

In 1856, Boston imported of tea, 1,474,174 ; New York, 
19,294,937; New York over Boston, 17,820,763 pounds. 

In 1904 Boston imported of tea, 2,497,780 ; New York, 
64,987,262; New York over Boston, 62,489,492. San 
Francisco in 1856 imported 2,066,105; in 1883, 25,114,- 
809 ; but in that year Boston imported only 30,567, while 
New York imported 48,219,397. In 1882 Boston im- 
ported only 3,338 pounds. 

In 1821 tea consumption per capita of population .046 ; 
average import price 23.6 ; coffee, consumption per capita 
1.9 ; price 20.2 (duty 5). 

In 1856 tea consumption, per capita, .65, price 28.9; 
coffee, consumption per capita 7.96, price 9.1. 

Tea (free) 1904, consumption per capita 1.34, price 
16.15; coffee (free), consumption per capita 7, price 
11.75. The highest consumption per capita was in 1897: 



*The earliest other quotations I have been able to find were 
May 16, 1784; Molasses, per gal., 2s. 9d. ; Muscovado sugar, 48s. to 
54s.; double refined sugar, per pound, 2s. 2d.; single refined per 
pound, 18d. 



The Consumption of Tea 145 

Tea 1.58, price 13.1; coffee 11.1, price 10.12. In 1900. 
while coffee was 9.81, the consumption was only 6.7. It 
is rather strange that consumption should have been 
largest in 1897, for both tea and coffee. 

The importation of cocoa, increased, exceeding either 
tea or coffee. In 1790 there were 896,649 pounds ; 1799, 
6,104,001 ; but in 1809 importation dropped to 1,230,986 
and remained at about that figure till 1823, when it in- 
creased to 2,102,913. From then until 1882 the increase 
was gradual up to 10,831,986. The increase became very 
rapid; in 1904 the importation of cocoa was 72,277,600 
pounds. The tea trade had suffered even more than cof- 
fee. In 1875 the average cost price to import tea was 
34.7, while in 1900 it was 12.27. In 1875 coffee was 15 
while in 1900 it was 9.81. 

The great firms that failed in 1880 were also large im- 
porters of tea. There was then not the close distinction 
between the tea and coffee houses that there is to-day. 



THE COFFEE EXCHANGE OF 
THE CITY OF NEW YORK 



The year following the great failures was one of un- 
certainty ; the old mode of doing business seemingly had 
passed, and new methods were looked for. The Cotton 
Exchange was meeting with success, and the manner of 
delivering on contracts moved large crops without un- 
duly disturbing values. If an Exchange was good for 
cotton, why not coffee? There was much talk of estab- 
lishing a coffee exchange. 

1882. — Those who had been working for the establish- 
ment of such Exchange found much unlooked-for opposi- 
tion. The reason given in favor of an Exchange were 
that a market would be made each day and those wishing 
at any time to dispose of their stock could do so. The 
inability of the syndicate to relieve themselves of the 
great stocks they were carrying was the cause of their 
downfall. It was contended that had there been an Ex- 
change, by selling for future delivery, the crash would 



Early Struggles of the Exchange 147 

not have taken place. Also, roasters wishing to have a 
certain price to figure on could by buying futures tell 
just what the coffee would cost. It was thought at first 
that samples could be shown on the floor of the Exchange 
and sales made ; in fact, sales were made on the Exchange 
for future delivery, of actual coffee, and No. 3 (fair) 
coffee called. Also an Exchange, it was contended, would 
concentrate the coffee trade to New York. 

It will be remembered that during the Civil War New 
York was about the only coffee port, but since then other 
cities had been receiving coffee. In 1880 : pounds, Boston, 
1,237,000; Richmond, Va., 476,000; Charleston, S. C, 
60,000; Galveston, 3,979,000; Mobile, Ala., 2,194,000; 
Savannah, 2,572,000; Wilmington, N. C, 11,000; Phila- 
delphia, 1,148,000 ; Providence, R. I., 279,000 ; Newbury- 
port, Mass., 516,000; New Bedford, Mass., 19,000; New 
London, Conn., 53,000; New Haven, Conn., 275,000; 
Perth Amboy, N. J., 6,392,000; Portland, Me., 2,561; 
Salem, Mass., 3,818; Vermont, 22,944.— Treasurer De- 
partment, Bureau of Statistics. 

Baltimore had a regular line of sailing vessels carry- 
ing coffee and New Orleans had regained its prominence 
in the coffee market. It was argued that the Exchange 
would bring the market to New York. There were also 
many abuses that had crept into the trade and there 
was no court of arbitration. It was also argued that 
new fixed standards for grades would be created; that 
outsiders and bankers would take an interest in coffee 
and carry large quantities. 

The arguments against the formation of an Ex- 
change were that it would be only a "bucket shop," with 
a class of speculators pushing out the merchants; to 
deliver coffee on the Exchange would be impossible; also 
the great argument "what is the use of teaching the 
countrymen all you know and a little more?" There 



148 The Coffee Exchange of the City of New York 






was much difficulty in obtaining the 112 members. The 
fee was $250 and many withdrew before the time came 
to play. The friends of the Exchange were obliged to 
pad the list with names of clerks, for whom they paid 
the fee. Rooms were obtained and fitted up at 135 
Pearl street, at the junction of Beaver and Pearl streets, 
formerly occupied by Briggs & Meehan. 

The Coffee Exchange was incorporated Dec. 7, 1881, 
the incorporators being : 



William Sorley, 
John S. Wright, 
Joseph A. O'Brien, 
A. Kirkland, 
H. Clay Maddox, 
C. McCulloch Beecher, 



Benjamin G. Arnold, 
George W. Flanders, 
Francis B. Arnold, 
Wm. D. Mackey, 
John R. McNulty. 



The New York Coffee Exchange List of Trustees and 
First Hundred Members 



1 — Frank B. Johnson. 

2 — C. G. Ramsay. 

3 — Solomon I. Cohen. 

4 — Henry Dater. 

5— E. F. Driggs. 

6 — Lionel Holenthal. 

7— J. H. Small. 

8— Henry Hentz. 

9 — W. McGregor. 
10 — Siegfried Gruner. 
11— W. E. Pine. 
12— G. A. Recknagel. 
13— John B. O'Donohue. 
14 — James Scott. 
15— J. F. Scott. 
16—W. J. Peck. 
17— B. G. Arnold. 
18— F. B. Arnold. 
19— Frank Williams. 



20— D. K. Baker. 
21— E. White Adams. 
22 — Herman Simmonds. 
23 — Aaron De Cordova. 
24— T. C. Weygant. 
25— A. G. Hildreth. 
26— Alfred Merian. 
27 — William Thompson. 
28— Bowie Dash. 
29— J. S. Wright. 
30— Robt. I. Arnold. 
31— Leland Chubb. 
32— T. B. Armitage. 
33 — Clarence Creighton. 
34— F. H. Leggett. 
35 — William Thompson. 
36 — Abram Wakeman, Jr. 
37— C. H. Arnold. 
38— F. N. Saunders. 



fhe New Yirk 



FUTURE DELIVER! 

< t» basis of Exeharuce Standard 
lin-iiv ,, r .leduotions for other pa-l.-x H i" 
he rate* of the Exchange existing ' " 
»f th*- oth (iav previous to the <ta 
*ou*e Order. Delivery between the tirpn.i last 
lays of the month, at* seller's onti. 
em than 'ioO bags. upo»_."> .lays' n. 
N.ffee to be ..f any >; ra.lt- between 1 



Flntt Call. J *Hp «"«»». 

Bllf ASKED. 



January |. 7.75 j 

February. . . . j 7.75 

March.:....! 7.75 I 

April.......! 7.75 

Mav ; 7,75 I 

June 7.30 j 

July... ! 7.40 | 

August 7.50 | 

September.. . I 7.55 

'ctober 7.80 j 

November . . j 7.65 J 

Hamkr. .. 7.8ft ! 



7.95 
7.95 
7.95 
7.95 
7.45 
7.45 
7.55 
7,60 
7.70 
7.7,1 
7.&5 



'.95 
'.95 
'.95 



SALES. 

FIRST CALL. 



lit '* .33 
71; T.60 
7|L<«9 



Br-twei 

lu^ust— 250 : 



Ftr*t »h4 Wee«i 



Jmu. 

gal, 250 



bags. 



*KC»\I> VMM 



orid Tall M Pf« 



le|o-tlay, 250 bags. 



Friee* for Ring, d aUrtfna. 

!! 30 a. v!.— June, 7 Sojuly, 7.40; August, 
.55; Sept.. 7.55. 

1:30 i». m —June, 7.3o. uiy, 7.:*$; August, 
.50; Sept., 7.55. 

Transferable Notice* ^ U- issued at 7.05, 



WarehousoDeiivene4 

Kvkrks EsDisb 



Jfuni June iO June 17;Jun«»4 



Monday 7f« 4884 

Tuesday , , . I , .... 

Wednesday J 6*5 .... 

hursday ...... . .TO; .'...j 

Friday..... ....] (p ... 

■aturdav ....... 



Totals. 



eVm*rr»* * Ou> «tn> » 



Coffee Exchange Market Report. 

TUESDAY, June 6th., 3 P. ML, 1882. 

SPOT QUOTATIONS. VISIBLE SUPPLY, 

Exchange Standards of Rio. Settlements V * ! 

ot Hiture Contracts on basis of No. 7. are made First Hand Stock yesterday. . .' !>s,5S6 

by th.- price ot each prade quctwl on the day \ rr ;,.-i,, 

on which notice of delivery is given. " pArmah. , . ... 

OS 5S6 
GRADES. PRICES. Ilsajes 

_ . — . — , _ __; _____ j! Withdrawals.', 18,9011 

No. 1 Prime 10.30 ij Kx 909 

" 2 Good,..; 9.80 (j . 

* *«&* 9.30 (j Total First Hand Stock to-day 70,677 

4 lx>w Fair 8.80 ^Second Hand Stock Yesterday. . . 85,831 

5 Good Ordinary 8.35 Warehouse Deliveries Yesterdav. . 4,884 

*' 6 Ordinary 8.10 ' — 80.947 

" 7 Low Ordinary , : v 7.60 jJTafcen from First Hand Stock 18,909 

'* 8 Strict Good Common . .* 7.10 : 

" 9 Good Common ...... 6.60 Total Second Hand Stock to-daybt 99.856 

' ' 10 Common 6.10 ! , - 

77 • w 7~ ~ ~~ * ji Total Stock in New York 179,533 

Market— Weak. .« .. other Ports 100.938 

SDeda! Call Of No. 3 Fair. || Total Stock in United States 280.471 

..iiimmmMM ... u ^u, , , »_ \ Afloat and Loading- to Mav 15th 117,502 

•■"WWrv^m. ■ -r -ithifi ijf per lb, either h Pl „.,. e . c . -,.,.. M 7 i * ... t,-„ . -> un aiu> 
way of tao grade stipulated, andsettlement to ;;™rthases since Ma> U u.> June .», . lOo.OOd 

to he made in -?M respects ace-rdiug to the rules : " advised to-day 4,000 

governing the sales of Futures. 107,500 

H""~ [ " '; 225,002 

First Call. S Seeond Call. j J 

months. | ■ - - --7 Total Visible Supply for United States 505,473 

! -BID. jASKEI* BID. [ASKED if _ «———■■» 

J^f ffl l ff 5 j I -fl ' Ifl . Daily Cablegrams to the Exchange. 

August 1 ... J 9^30 : 9l35 j 9.30 i 9^30 ii .Quoted by the Associacao Commercial,! .— - 

September . . : 9.30 | 9.40 ! 9.30 ! 9.40 ii Rio ok Tanf.tro, Tune V 188.2. 

October .... 9.40 9.50 ! 9.35 | 9.50 ^ Good First ,...'.. 93/ " 

November,..; ... | .... J .... j .... p Regu | ar First* '.'//.*/.*/.'."..*. W'.V.WY. 9 + 

December. . . j .... l .... ; .... j .... ;: rdinan' First . . 8& 

}anuary.....| ............ j .... _ Se id - 7^- 

Febntary ! .... | .... 5 .... 'Exchange... 21 H 

^;}''ch... ....... ..._. .... ■ Receipts.. 6,700 

A . _,«_ .Market Quiet 

SALES. Stock..... 119.0(h) 

FIRST CALL. ;Sales to United States , 4,500 

^Clearances by Sail Nil 

No sales. . !!■■*' Steam.. 

Between Flr*t and ^Second V»U». 

(Quoted bv Messiv. Hayx. Roman .V Co. ■ 

No sales. ' ,..,>, 

London, June 6, 1882. 

HEC<C*,-JS CALL. IjOood Channel. .'. 40s. 

''Fair Channel 36s. 

No sates. 1| Market, - Unchanged. 

Between Seeond <'»1I »tsd Chwe. ** w a ove pne «ue rn 

No sales. 

? Quoted by .Messrs. Haask .<: Co.- 

MARKET—Quiet but steady. ^^ {Qood average Santos) fr 

^^= ,_^ _^^.._ ... : =^-ijjui y - ;; ■>* 

llAugust, - _- > - • 

Receipts at Bio for the Week [[September >~ 

__, .» «-.■'■* /-yj-t. Market. • - ' V ' UU:! 

Ending June lOth. Stock in Havre 

Monday •••«• 6.700 J| tSTThe above price, are per AO kilos. 

Tueday. » •••■ \hz —--■... 

Wednes<ia>...... ....... •■-.•■-• |j ArHva|s at New Y ork for week ending 

Fri^... .- June 10th ' 

Saturday...... - jj j rNK 4._-S.s. Bessel .-•> ■•>• 26,022 

Totals...., - ....- ~~ jj '■ .Totals.......... J^ 

F. N. SAUNDERS, Manager. 



Reduced Reproduction of First Market Report Issued by the Coffee Exchange 

of New York 

(Note. — Blemishes are in the original copy.) 



First One Hundred Members 



149 



39— J. C. Lloyd. 

40 — H. B. Livingston. 

41— M. G. Hanauer. 

42— William Sorley. 

43— J. W. O'Shaughnessy. 

44— H. F. McCreery. 

45— J. W. Phyfe. 

46 — Leander Waterbury. 

48— (Sic) W. H. Force (2). 

49 — Louis Seligsberg. 

50— S. A. Herforth. 

51— Gerhard Janssen. 

52— E. A. Phelps, Jr. 

53— A. E. Whyland. 

54 — Walter Ashlin. 

55— H. C. Maddux. 

56— H. H. Edwards. 

57— E. H. Peck. 

58— W. H. Kirkland. 

59— J. A. O'Brien. 

60— C. R. Blakeman. 

61— R. D. Perry. 

62— E. H. White. 

63— C. R. Leavcraft. 

64— C. McCulloch Beecher. 

65— E. B. Bartlett. 

66— J. F. Pupke. 

67— G. O. Gordon. 

68 — Charles Dittman. 

69— G. R. Westfeldt. 

70— W. D. Mackey. 

71— M. M. Green. 

72— J. R. McNulty. 

73— E. C. Ramsden. 

74— Thos. Minford, Jr. 

75— J. E. Fay. 

76— Charles Smith. 



77— Thomas Smith. 

78— H. L. Flash. 

79— C. H. Dolsen. 

80 — J. R. Buchanan. 

81— E. P. Cottraux. 

82— C. K. Small. 

83— B. M. Pond. 

84— J. W. Phoenix. 

84 — D. P. Montague. 

86— J. D. Tyler. 

87— S. E. Gee. 

88— Alex. Kirkland. 

89— W. S. Porter. 

90— D. A. De Lima. 

91— H. C. De Riviera. 

92— E. W. Vanderhoff. 

93 — Victor Latour. 

94— G. F. Bevan. 

95 — William Angelo. 

96 — I. Wormser. 

97 — Simon Wormser. 

98 — Abram Sanger, Jr. 

99— A. D. Straus. 
100 — John Shortridge. 
101— C. D. Lathrop. 
102— R. McD. Kirkland. 
103— S. W. Battershall. 
104— J. F. Blair. 
105— G. P. Forwood. 
106— S. De Mendonca. 
107— J. B. Kearny. 
108— W. R. Bynner. 
109 — Ramsey Crooks. 
110— C. H. Ingalls. 
Ill— F. C. Kirchoff. 
112— Geo. W. Flanders. 



(Note. — The Exchange was organized in the office 
of B. G. Arnold, 166 Pearl street. The first meeting 
after incorporation was held there Dec. 10, 1881. This 
was actually the first meeting of the New York Coffee 
Exchange. John Wright was chairman; F. B. Arnold, 
secretary pro tern. By-laws were adopted Feb. 27, 1882. 
I very much regret that I have been unable to obtain a 



150 The Coffee Exchange of the City of New York 

photograph of the old Coffee Exchange building, located 
at the corner Beaver and Pearl streets.) 

On March 7, 1882, the Exchange opened. There was 
some disappointment at the lack of interest displayed 
not only by the trade, but by the members, less than 
half of them being present. The call was made by F. N. 
Saunders, but no sales were made. At the 1 o'clock call 
there was one sale of May by or to F. B. Arnold. It 
is generally conceded that the sale was made by W. D. 
Mackey (now of Mackey & Co., 97 Water street) . The 
Journal of Commerce gives the following account of the 
opening : 
"Journal of Commerce, March 8, 1882. 

"The Coffee Exchange recently organized among the 
coffee brokers began business yesterday at 135 Pearl 
street. The first call was announced to take place at 
11 o'clock and at that hour about fifty well-known mer- 
chants, interested in the trade, assembled in the Ex- 
change rooms. 

"After a brief address by the president, B. G. Arnold, 
the regular call was commenced, but few bids were 
made as the necessary standards have not been yet pro- 
vided. At the second call at 1 o'clock a sale of May 
(250 bags) delivery was made. It is expected that in 
a few days the Exchange will be in full working order 
and a large business is looked for. The Exchange has 
over one hundred members comprising the leading cof- 
fee brokers at this port. 

"1st. Quotations for standards: 

No. 1 $10.80 No. 6 $8.80 

No. 2 10.30 No. 7 8.35 

No. 3.. 9.80 No. 8 8.00 

No. 4 9.30 No. 9 7.35 

No. 5 9.05 No. 10 6.85 

The ruling rates were 820 bid and 875 asked; for 
March, 810 bid, 860 asked ; for April, 850 bid ; for May, 
875 asked. 



Statistics of Opening Day of Exchange 151 

The first quotations were in the Journal of Commerce 
of May 10 : "At the Coffee Exchange more interest was 
shown and sales made of 250 bags for April delivery 
at 8.50, and 250 for do. at 8.55." 

There is no account of what took place the second 
day, so it is to be presumed that there were no sales. 
March 9 there were two sales, one lot of April by F. B. 
Arnold to A. Wakeman at 8.50, and sold back to Mr. 
Arnold at 8.55. 

There being no record of the business kept by the 
Exchange until the first daily report, issued June 6, 
I have copied all the sales from the opening of the Ex- 
change until June 6, so that those who have kept the 
old reports may have a complete record of all the sales 
and also as a new era commenced with the Exchange. 
The stocks and prices of coffee March 8, 1881 : 

MARCH 7— OPENING DAY OF EXCHANGE. 

(From William Scott & Sons Circulars.) 

Total stock, Rio and Santos, U. S 315,711 bags 

Purchasers for U. S 146,000 " 

Afloat 96,000 " 

557,711 bags 
Stock other than Brazil's 136,636 " 

694,347 bags 
March 8 — Stock other than Brazil's, as follows: 

Java Grass, mats 103,435 

Singapore, mats 7,842 

Maracaibo, bags 13,321 

Laguyra, bags 2,338 

Jamaica, bags 881 

Porto Rico, bags 256 

Costa Rica, bags 3,782 

Mexican, bags 1,970 

Angostura, bags 1,550 

Savanilla, bags 1,061 

Mocha, bundles 200 

136,636 



152 The Coffee Exchange of the City of New York 

Prices. 

Rio, ordinary — @ 8% 

" fair — @ 9% 

" good — (5)10% 

" prime — @10% 

Santos, fair to good 9%@10*4 

Java 16 @23 

Singapore 12 @13 

Ceylon 10%@13% 

Maracaibo 9 @13 

Laguyra 8% @14 

San Domingo 8y2@12% 

Porto Rico 10 @13y 2 

Costa Rica 9M>@15% 

Mexican 11 @13 

Angostura 11 @13% 

Savanilla 9%@11% 

Curacoa — @ — 

Mocha 27 @28 

OPENING DAY, TUESDAY, MARCH 7. 

Sales. 

March 7 — 250 bags May. Price not given. 
" 8 — No sales. 

" 9—250 bags April at 8.50; 250 at 8.55. 

" 10 — No sales. 

" 11 — No sales. 

" 13—1,000 bags May at at 8.45. 

« 14—1,000 May at 8.40. 

" 15 — No sales. 

" 16—250 May at 8.35. 

" 17 — No sales. 

" 18 — No sales. 

« 20—500 May at 8.25. 

" 21—250 March, 8.70; 250 March, 8.70. 

" 22— No sales. 

" 23—2,000 May, 8; 10 to grade between 5 and 7. 

" 24 — No sales. 

" 25—1,250 May at 8. 

" 27 — No sales. 

" 28—250 September at 8.55. 

" 30 — No sales. 

" 31 — No sales. 

Total sales for month, 8,000. 

Spot month (March) 8.30 was bid, 8.60 asked. 



Statistics of Opening Days of Exchange 153 



First call. 

April , 8.00@ 

May 8.00@ 

Tune — @ 

July 8.25@ 

August 8.30@ 

September — @ — 

October — @ — 

November — @ — 

December — @ — 

January — @ — 



April 1. 

Second call. 

8.60 April 8.00@ 8.60 

8.65 May* — @ 8.00 

8.25 June 7.25@ 8.25 

8.40 July 8.15@ 8.35 

8.50 August 8.35@ 8.55 

September — @ 8.70 

October — @ 8.85 

November — @ 8.95 

December — @ 9.30 



*500 sold at 8.00. 




Sales. 


April 


1—1,250 May at 8.00. 

3 — No exchange quotations given. 

4 — No sales. 


u 


5—500 June at 7.95. 


tt 


6 — No sales. 


it 


7— " 


it 


8— " 


it 


lO- 


a 


ll— 


u 


12— 


tt 


13—250 June at 7.80. 


a 
a 
a 
a 


15 — No quotations. 
17—500 May at 7.75. 
19 — No quotations. 
20— No sales. 


a 


21— 


a 
a 
a 


22—500 May at 7.50. 
24 — No quotations. 
25 — No sales. 


tt 


26— 



" 27 — No quotations. 
« 28—500 May, 7.15; 1,000 May, 7.30. 
" 29—250 May 7.30; 250 July, 7.45. 
Total sales April, 4,250 bags. 



Spot Quotations for Standards. 



No. 



1 10.55 

2 10.05 

3 9.55 

4 9.05 

5 8.80 



No. 6. 
" 7. 
" 8. 
" 9. 
" 10. 



8.50 
8.10 
7.80 
7.10 
6SQ 



154 The Coffee Exchange of the City of New York 

May. 
First call. Second call. 

Bid. Asked. Bid. Asked. 

May 7.30 7.35 May 7.30 7.45 

June 7.30 7.40 June 7.30 7.45 

July 7.35 7.50 July 7.35 7.50 

August 7.30 7.70 August 7.50 7.65 

September September 7.50 7.65 

October . . October 7.55 

Sales. 
May 1—250 May at 7.30. 
" 2—500 May at 7.35. 
« 3—1,000 May at 7.35. 
" 4 — No quotations. 

« 6—750 June, 7.25; 250 July, 7.40; 250 July, 7.35; 250 Septem- 
ber, 7.55. 

" 8—500 May, 7.35; 500 July, 7.40. 

" 9—250 September, 7.65. 

« 10—750 September, 7.65. 

" 11— In special trading, 500 July at 9.05. This was No. 3 
actual. 

" 12— In special trading, No. 3, 250 July, 9.05; 250 August, 
9.15; 500 August at 9.10. 

" 13—250 September at 7.65. 

« 15—250 September at 7.65; 500 May, 7.40; June, 7.40. 

" 16—1,000 May, 7.50. 

« 17—250 June 2, 7.50; 250 June, 7.45; 250 June, 7.45. 

« 18—250 June, 7.50. 

" 1,000 spot (May) at 7; 250 June, 7.55; 250 August, 7.65. 

" 20—250 July, 7.65; 500 August, 7.75. 

" P2 — No quotations. 

" IB— 250 September, 7.85. 

" 24 — No sales. 

" 2g — No sales. 

-' 26— Special trading, 7.50; No. 3, July, 9.35; 500 June at 7.60. 

" 27— No sales. 

" 29 — No quotations. 

" 30— Holiday. 

* 31 — No quotations. 

Total sales, May, 13,000. 

The coffee trade were not very good gamblers. Some- 
times there was nearly a whole cent difference between 
bid and offered prices. May sold at 7, while June was 
selling at 7.55. 



N 



First Meeting of Government Committee of Exchange 155 

June. 
First call. Second call. 

Bid. Asked. Bid. Asked. 

June 7.40 7.60 June 7.40 7.45 

July 7.45 7.60 July 7.40 7.45 

August 7.60 7.65 August 7.50 7.60 

September 7.60 7.70 September 7.60 7.65 

October 7.60 7.80 October 7.60 7.75 

November 7.65 7.90 November 7.60 7.90 

December 7.60 7.95 December 7.60 7.90 

January 7.65 8.00 January 7.65 7.95 

Sales. 
June 1—250 September, 7.70. 

" 2—250 June, 7.50; 250 August, 7.60; 250 June, 7.50. 

" 3—250 August, 7.55; 250 September, 7.60. 

" 5 — No quotation. 

« 6—500 September, 7.60. 

" 7 — 250 Aguust, 7.55. First daily market report. 

On Monday, Oct. 2, future deliveries of Santos, basis of good 
ordinary, were called, commencing at January. 

First call. Second call. 

Bid. Asked. Bid. Asked. 

January 7.35 7.90 July 7.20 7.90 

February 7.35 8.00 August 7.15 7.95 

March 7.35 8.00 September 7.20 7.95 

April 7.35 8.00 October 7.00 7.80 

May 7.30 7.90 November 7.25 7.95 

June 7.25 7.95 December 7.40 7.90 

The first meeting of the government committee held 
in the Exchange was not until April 10, 1882. There 
had been some trouble in obtaining the office back of 
what was used as a board room, only a small room be- 
ing used as an office. 

Alexander Kirkland and W. J. Peck were the first 
classification committee, receiving $40 per month for 
their services. 

There was a rule made about this time that coffee, 
delivered under contract, must be with one-half cent 
per pound either way of the grade sold. This did not 
mean average grade, as interpreted by some nowadays. 
About the first coffee delivered was 250 bags July. The 



\ 



156 The Coffee Exchange of the City of New York 

certificate of grade was signed by two members, who 
afterward stated that they never saw the coffee. This 
delivery was the cause of so much trouble that it looked 
at one time as if it would break up the Exchange. There 
were many meetings of the board of governors, and 
a change of the rules was made. 

On July 21 the first official graders were named: 
James Scott, W. J. Peck, Alexander Kirkland, W. H. 
Kirkland, J. R. McNulty, Thomas Minford, Jr., and 
William Thompson. At that time brokers only were 
eligible to be graders. A new rule was made to the 
effect that no certificate of grade, where the same name 
appeared as the deliverer and receiver of the coffee, 
should be issued by the Exchange. Prior to this the 
same broker at times acted for both parties. 

In October efforts were made to have Rio de Janeiro 
also establish an Exchange in connection with that of 
New York, but it was not successful. The Exchange 
soon became the laughing stock of the trade, very little 
business being done. The attempt to make deliveries 
and the grading had caused much trouble and quite 
some hard feeling developed between members. While 
the original subscription price of seats was $250, they 
were later offered at $100 or even less. Those who had 
worked so hard to start the Exchange became somewhat 
downhearted. 

The "Old Guard," as they were called, composed of 
F. B. Arnold, James E. Blair, J. A. O'Brien, Louis 
Seligsberg, William Sorley, C. G. Ramsden, Samuel H. 
Shipley and A. Wakeman, faithfully attended each call; 
at times they were assisted by S. I. Cohen, John Scott 
and J. H. Small. Others took great pleasure in making 
very unkind remarks about the "Old Guard" as they 
passed to and from the Exchange but they later became 
very prominent in Exchange affairs. 









Cotton Firms Become Interested in Coffee 157 

Let me say in their behalf that it was not for pleasure 
they spent an hour each day for months trying to make 
a success of an undertaking which, though unpopular, 
they believed would be a benefit to the coffee trade. 
Perhaps, after all, it would have been better had there 
been no Exchange and we had gone on doing business 
in the same old way; but the world moves and, I am 
afraid, even the grand old coffee merchants could not 
have made it stand still. It was to be and is. The "Old 
Guard'' sent out the following invitation : 

New York, Dec. 21, 1882. 

Mr. 

You are invited to attend a "High Coffee" at the "Parlors" of 
the New York Coffee Exchange, Friday, Dec. 22, 11:30 a. m., 
sharp. Please omit presents. 

Compliments of the Committee. 

The affair was a great success and seemingly accom- 
plished its object, namely, the making of its members 
better acquainted. I have before me the bills for the 
entertainment, which were paid for by twenty members 
of the Exchange: Champagne, $102; sandwiches, $30; 
decorating, $10; printing, $5.50; messenger, $2; ice, 65 
cents; post office stamps, 24 cents; total, $150.39. 

Efforts were made to get Stock Exchange firms in- 
terested in coffee, but without much success. I called 
on Messrs. F. P. James & Co., one of the leading bank- 
ing houses. After explaining the situation to Mr. James, 
he asked what the stock of coffee was in New York. I 
told him about 300,000 bags. He replied: "Why, we 
have half a dozen houses on the street who can buy your 
whole stock. Until you have at least 1,000,000 bags it 
would be very dangerous speculation." 

Several of the cotton firms became interested and were 
to show us how the business should be done. I can re- 
member how we coffee men looked at them when they 



158 The Coffee Exchange of the City of New York 

appeared on the floor. If they bought, so did we, and 
if they sold, it was a sure thing the market was going 
off. Well, we got over that after a while, and we were 
told, "Oh, coffee is too small an article for us," but we had 
their coin. 

The first death was of John S. Wright, the vice-presi- 
dent, Jan. 2, 1883. G. A. Recknagel was elected to fill 
the vacancy March, 1883. The advisability of a clear- 
ing house was discussed and has been ever since and 
many plans have been offered, but none accepted. 

It was with much difficulty the Exchange succeeded 
in having the ticker service installed, the Exchange be- 
ing obliged to guarantee that 20 tickers at $20 per 
month, within one mile of the Exchange, would be sub- 
scribed for. The first message over the ticker was sent 
about May 1, 1883. I have mislaid it, but there was 
quite some sentiment expressed. The advent of the ticker 
made us look like a real Exchange, and at last some of 
the doubting Thomases believed it would be a success. 

On about Jan. 1, the Baltimore Coffee Exchange 
was organized. Owing to importers being able to sell 
on the New York Exchange, Baltimore saw its coffee 
trade beginning to fade away, so an Exchange was or- 
ganized to compete with New York, but it became, at 
once, dependent on New York for information, both for- 
eign and domestic. 

The Baltimore Coffee Exchange, after a struggling 
existence, was abandoned. There had been quite an 
influx of Baltimore coffee merchants into New York, for 
some time. Being more of a speculative class, they saw 
better opportunity in New York, especially on the Ex- 
change. 

In June, 1884, it was voted to have the morning call 
at 10.30. 

July, 1884, it was ruled that Santos could not be de- 



Proposal of a Gratuity Fund 159 

livered on a Rio contract; in August, that the difference 
between grades of Rio be acted on, on the first and third 
Tuesday of each month. In November the first call 
changed back to 11 o'clock. In February, 1885, the call- 
ing of Santos and Padang coffee was dispensed with, 
there not being sufficient business to warrant it. In 
April, 1885, the rule was again changed, and Santos de- 
clared a good delivery on a Rio contract, but on a San- 
tos notice. January 2, 1885, the name of the Exchange 
was changed to the Coffee Exchange of the City of New 
York. 

There had, for sometime, been much talk on the ad- 
visability of establishing a gratuity fund. A committee 
were appointed and, after months of labor, they worked 
out the following : 

PROPOSED GRATUITY BY-LAWS 

OF 

THE NEW YORK COFFEE EXCHANGE. 

Section 1. It shall be lawful for and the duty of said New 
York Coffee Exchange, upon the death of any member to levy 
and assess upon every membership in the said Exchange, except 
the membership of such deceased member, or those exempt un- 
der Sec. 15, a fixed and uniform sum not exceeding ten dollars 
($10) which shall be collected in the same manner and under 
the same penalty for non-payment, as the By-Laws of said Ex- 
change, shall at the time provide in the case of annual dues. 
The said New York Coffee Exchange shall, within one year 
after satisfactory proof of the death of any member, pay out 
of the money so collected the proportionate part thereof as the 
subscribing membership at the time of such death shall be en- 
titled, under the following provision: 

312 Members at $10.00 assessment at each death, $3,120. 

Benefits to be paid on account of death occurring during 
Gratuity 

Fund. Per cent. Balance. ^3 Deaths. 

1st year 50 $1,500 $1,560 $4,680.00 

2d " 55 1,716 1,404 4,214.00 

3d « 60 1,872 1,228 3,744.00 



160 The Coffee Exchange of the City of New York 



Fund. 

4th year. 

5th 

6th 

7th 

8th 

9th 
10th 
11th 



Per cent. 


Balance. 


3 Deaths. 


65 


$2,028 


$1,092 


$3,276.00 


70 


2,184 


936 


2,808.00 


75 


2,340 


780 


2,340.00 


80 


2,496 


624 


1,872.00 


85 


2,652 


468 


1,404.00 


90 


2,808 


312 


936.00 


95 

00 


2,964 
3,120 


156 


468.00 



Including compound interest at 4 per cent. . . .$30,923.80 
Yearly income from $30,923.80 at 4 per cent., $1,236.95. 

Sec. 2. Thereafter the assessment to be reduced such per cent, 
as the managers may direct; but the amount paid in case of 
death shall equal 100 per cent, of the same amount as if the 
assessment were ten dollars. 

Sec. 3. Should a member die, leaving a widow, but no chil- 
dren, then the whole sum shall be paid to such widow for her 
own use. 

Sec. 4. Should the member die, leaving a widow and chil- 
dren, then one-half shall be paid to the widow for her own 
separate use, and one-half to his children; or, if he leave chil- 
dren and no widow, then the whole sum shall be paid to thfc 
children for their use, share and share alike, provided that the 
share of minor children shall be paid to their guardian, and 
that the issue of any deceased child, shall be entitled to receive 
the share which such child would have received if living; if of age, 
directly, or if minors, through his, her or their guardian or 
guardians. 

Sec. 5. Should the member die leaving neither widow or 
direct descendants, as above specified, surviving him, then the 
said sum, or such portion thereof as the member in his lifetime 
shall direct, shall be paid to such person or persons as the said 
members may have designated; provided such designation shall 
be first submitted to, in writing and approved by a majority of 
the Managers of the Gratuity Fund, and filed with them. 

Sec. 6. If in such case no person or persons shall be so 
designated, then the whole sum shall be paid to the next of kin 
of the deceased, within the limits of representation prescribed 
by the statutes of the State of New York. If the payment of 
only a portion of said sum shall be so directed, then the re- 
mainder thereof, shall be so paid to such next of kin. If, in 
such case, there shall be no known next of kin within such limits 
then the said sum, or the remainder thereof, shall be added to 
the Gratuity Fund. 



Proposal of a Gratuity Fund 161 

Sec. 7. In all cases a certified copy of the proceedings before 
a Surrogate or Judge of Probate shall be accepted as proof of 
the rights of the claimant, and be deemed ample authority to 
the Exchange to pay over the money, and such payment shall 
release the Exchange forever from all claim of liability. 

Sec. 8. Nothing herein contained shall be construed as con- 
stituting any estate "4n esse" which can be mortgaged or pledged 
for the payment of any debts. 

Sec. 9. The management and distribution of the Gratuity 
Fund, and the exception of the provisions of this By-Law, shall 
be under the charge of a Board of Managers, to be known as 
"The Managers of the Gratuity Fund," and to consist of the 
President and Treasurer of The New York Coffee Exchange, 
who shall be ex-officio President and Treasurer, respectively of 
the Managers of the Gratuity Fund, and of three other Managers, 
who shall be elected by the subscribing members at a time to be 
designated by the Governing Committee and who shall hold office 
for the terms one, two and three years repectively, or until 
their respective successors are elected. Such election shall be 
by ballot, and each ballot shall designate the term, whether of 
one, two or three years, during which it is intended that each 
candidate shall serve. After such first election, there shall be 
elected annually one Manager for a term of three years. 

Sec. 10. In case of any vacancy occurring, the Board of Man- 
agers, of the Gratuity Fund shall fill the same until the next 
annual election; but if they shall fail to fill such vavancy within 
thirty days, the same shall be filled by the Governing Committee. 

Sec. 11. It shall be the duty of the Managers of the Gratuity 
Fund to keep securely invested, in accordance with the laws of 
the State of New York regulating Trust Funds, all moneys paid 
to them for the Fund, not required for payment of death claims, 
expenses or the reduction of assessment, together with the an- 
nual interest and accretions arising from the same. 

Sec. 12. They shall have the power to choose their own offi- 
cers, not otherwise provided for, and appoint necessary em- 
ployes, and subject to the approval of the Governing Committee 
to make such rules as may be needful; and they shall make a 
full report of all interests in their care annually to the Govern- 
ing Committee. 

Sec. 13. The certificate of membership of a deceased or ex- 
pelled subscribing member, from the date of his de&th or ex- 
pulsion until transferred on the books of the Exchange, shall 
be subject to the same assessments as the memberships of the 
surviving subscribing member during that period. 



162 The Coffee Exchange of the City of New York 

Sec. 14. The interest of a member, and in case of his death, 
all claims, as hereinbefore provided, shall cease upon the transfer 
of his certificate on the books of this Exchange, or upon the ex- 
pulsion from this Association. The interest of a beneficiary, shall 
not, however, be affected by or during the suspension of any 
member. 

Sec. 15. The managers of the Gratuity Fund may impose such 
conditions for the future admission of members to the benefit of 
said Fund, as they may determine to be for the best interest of 
the Exchange. 

Sec. 16. Nothing herein contained shall be taken or construed 
as a liability of the Exchange or its members for the payment 
of any sum whatever, the liability of each member at law in 
equity being limited to the payment of ten dollars ($10), only 
on the death of any other member, and the liability of the Ex- 
change being limited to the payment of such sums as above pre- 
scribed or such part thereof as may be collected from the members 

Sec. 17. All laws heretofore in existence which may be in con- 
flict with the foregoing, shall be considered null and of no effect. 

The scheme was accepted by the Exchange and after- 
wards reconsidered. The committee having it in charge 
were so digusted with the action on the part of some of 
the members that they, themselves, voted for the recon- 
sideration. Had it been carried out, each holder of cer- 
tificate of membership would now have a paid up life 
policy of about $5,000. Life insurance men stated it was 
the best Exchange gratuity they had ever seen. Only a 
few years ago the writer received a request for a copy of 
it, made through F. B. Arnold, for one of the large com- 
panies. 



OLD ORGANIZATIONS IN 
THE TRADE 



During the fall of 1883 the Tea Exchange, called Im- 
porters and Grocers' Exchange, was organized. The in- 
corporators were: Thomas T. Barr, Charles W. Beebe, 
Charles G. Boardman, Samuel C. Burdick, Edward W. 
Corlies, Henry E. Hawley, Henry F. Hitch, William Mac- 
Gregor, Frederick Mead, Jr., L. W. Minford, D. P. Mon- 
tague, Henry C. de Rivera, James C. Russell, Osgood 
Welsh and Edward A. Willard. The officers were : Henry 
E. Hawley, president; Samuel C. Burdick, treasurer; 
Frederick Mead, Jr., secretary. The fees for the first 
one hundred were $250. The rooms were on Pearl street, 
nearly opposite the Coffee Exchange. 

The Importers' and Grocers' Exchange, better known 
as the Tea Exchange, went out of existence in 1885, as 
far as any active business being done. 



164 Old Organizations in the Trade 

Members of Importers' and Grocers' Exchange 

Adams, Henry, 82 Water street. 

Amsinck, G., Amsinck & Co., 148 Pearl street. 

Anderson, Archibald J. C, Netherclift & Anderson, 127 Water 

street. 
Anderson, Jacob, 124 Water street. 

Anderson, Theo. D., Anderson & Adams, 91 Wall street. 
Andresen, J., Pickard & Andresen, 89 Gold street. 
Armitage, Thos. B., 105 Front street. 
Arnold, Benj. G., 166 Pearl street. 

Arnold, Francis B., Arnold, Mackey & Co., 134 Front street. 
Arnold, Thos. L., Arnold & Aborn, 39 Old Slip. 
Arbuthnot, Geo., J. C. Burnham & Co., 101 Wall street. 
Arguimbau, Jos. L., Zuricalday & Arguimbau, 28 Beaver street. 
Arkush, Reuben, Willard Hawes & Co., 210 Lewis street. 
Aspinwall, Lloyd, Howland & Aspinwall, 54 South street. 
Atwood, J. G., Atwood, Lester, Cary & Co., 95 Wall street. 
Austin, R. F., Austin, Nichols & Co., 51 Hudson street. 
Ayer, Benjamin, Raymond & Ayer, 124 Front street. 

Bartlett, E. B., E. B. Bartlett & Co., 19 Old Slip. 

Barnicle, M., 119 Front street. 

Barnard, C. W., 94 Front street. 

Barr, Thos. T., T. T. Barr & Co., 107 Front street. 

Bauer, G. G., Grinnel, Minturn & Co., 78 South street. 

Beebe, Chas. E. and Chas. W., Beebe & Bro., 130 Water street. 

Benedict, James A., J. A. Benedict & Co., 56 Wall street. 

Berry, S. J., Jr., Berry, Wisner, Lohman & Co., 82 Murray street. 

Beste, Henry, 47 South street. 

Billinge, Henry S., Billinge & Wetmore, 103 Water street. 

Boardman, C. G., Flint, Boardman & Nash, 112 Water street. 

Booth, Otis W., Booth & Linsly, 3 Broad street. 

Bowerman, Benjamin F., and Henry A., Bowerman Bros., 97 Wall 

street. 
Bowers, B. O., 96 Front street. 

Brown, Albert H., Vernon H. Brown & Co., 23 Beaver street. 
Bryer, Benjamin, John Caswell & Co., 87 Front street. 
Bull, Chas. M., L. W. Minford & Co., 104 Wall street. 
Burdick, S. C, B. H. Howell, Son & Co., 109 Wall street. 
Burritt, George H., China & Japan Trading Co., 36 Burling Slip. 
Busk, J. R., Busk & Jevons, 41 Wall street. 
Bursley, Ira, 64 South street. 

Callahan, M., Skiddy, Minford & Co., 101 Wall street. 
Calvo, Joaquin del, Fernandez & Calvo, 122 Front street. 
Cary, Roscoe G., Atwood, Lester, Cary & Co., 95 Wall street. 



Members of the "Tea Exchange" 165 

Carhart, Wm. E., Carhart & Brother, 49 Park Place. 
Carleton, J. Osgood, Carleton & Moffatt, 111 Water street. 
Carter, 0. S., Carter, Hawley & Co., 106 Water street. 
Case, H. E., Fitzpatrick & Case, 5 James Slip. 
Case, Jos. S., Jos. S. Case & Co., 91 Wall street. 
Catherwood, John H., Jno. H. Catherwood & Co., Philadelphia. 
Chapman, Geo. A., 101 Pearl street. 

Chatfield, H. W., Henry Sheldon & Co., 109 Front street. 
Cholwell, Geo. C, Hamilton & Cholwell, 114 Wall street. 
Coates, H. T., H. T. Coates & Co., 125 Pearl street. 
Colgate, Robert, Jr., Robert Colgate & Co., 287 Pearl street. 
Connell, James S., Edey, Turnure & Co., 105 Wall street. 
Cooper, John W., McCahan & Cooper, Philadelphia. 
Copeland, Geo., Geo. Copeland & Co., 134 Pearl street. 
Corlies, E. W., 66V 2 Pine street. 
Crocker, David H., H. H. Crocker & Co., 133 Pearl street. 

Daland, Wm. S., 124 Water street. 

Dallas, Wm., McGregor & Dallas, 119 Front street. 

Dash, Bowie, 166 Pearl street. 

Delacamp, H., 123 Front street. 

Deland, H. C, T. Deland & Co., 93 Beaver street. 

Dohrman, A. F., 93 Wall street. 

Edey, Charles C, Edey, Turnure & Co., 105 Wall street. 

Elliott, H. H., F. G. Challenor & Co., 96 Wall street. 

Eppens, Fred P., Eppens, Smith & Co., 269 Washington street. 

Farley, Gustavus, Jr., Fraser, Farley & Varnum, 64 South street. 

Farrington, A. H., H. & G. B. Farrington & Co., 151 Front street. 

Fearon, R. I., Fearon, Fearon, Low & Co., 112 Front street. 

Fielding, M. B., Fielding & Gwynn, 16 Exchange Place. 

Fierz, C. A., Wakeman & Fierz, 143 Front street. 

Finlay, H. P., 101 Wall street. 

Flint, C. R., W. R. Grace & Co., 140 Pearl street. 

Foote, Horace A., Foote & Knevals, 99 Water street. 

Forbes, John M., Jr., Rissell & Co., 60 Wall street. 

Franck, J. J., 120 Front street. 

Fraser, Evan J., 100 Wall street. 

Fraser, James C. Saunders, Needham & Co., 100 Wall street. 

Frazar, Everett, Frazar & Co., 73 South street. 

Galway, John, Galway & Casado, 57 Broad street. 

Gantz, Geo. F., Gantz, Jones & Co., 176 Duane street. 

Gardner, Henry P., Ira Bursley, 64 South street. 

Gaspar, M. C, Howland & Aspinwall, 54 South street. 

Gilbert, S. S., Russell & Co., 60 Wall street. 

Gibbes, A. H., Swire Bros., 93 Wall street. 

Gillies, J. W., Wright Gillies & Bro., 235 Washington street. 



166 Old Organizations in the Trade 

Gillespie, S. W., S. W. Gillespie & Co., 93 Wall street. 

Gillet, lmslie M., 138 Pearl street. 

Gillet, Sully, J. Allston Gillet & Bro., 101 Front street. 

Goold, C. W., Seitz & Goold, 90 Pine street. 

Gordon, Robert, Maitland, Phelps & Co., 24 Exchange Place. 

Gravenhorst, Geo., Elmenhorst & Co., Water street. 

Green, Volney, Volney Green & Son, 110. Front street. 

Greene, Lyman R., E. A. Willard & Co., 128 Front street. 

Greenwood, Wm., 91 Wall street. 

Hall, J. Dudley, Dudley Hall & Co., Boston. 

Hawkesworth, J. A., 35 Beaver street. 

Hawley, Henry E., Carter, Hawley & Co., 106 Water street. 

Healy, Cyrus A., Burger, Hurlburt & Livingston, 91 Wall street. 

Heimann, Chas. A., Mourliyan, Heimann & Co., 108 Front street. 

Heinemann, Paul, Paul Heinemann & Co., 112 Water street. 

Henry, Lewis B., Thompson & Henry, 108 Front street. 

Hewlett, J. A., Hewlett & Torrance, 67 Wall street. 

Hentz, Henry, Henry Hentz & Co., 8 William street. 

Hitch, Henry F., H. H. Swift & Co., 66 Pine street. 

Houghtaling, D. H., D. H. Houghtaling & Co., 142 Front street. 

Howe, John L, Adams & Howe, 338 Washington street. 

Huntington, S. E., A. A. Low & Bro., 31 Burling Slip. 

Hunter, W. B., W. B. Hunter & Co., 132 Front street. 

Irving, Gugy 7E., 127 Water street. 

Jackson, Louis F., H. B. Jackson & Co., 100 Water street. 

Jennings, F. C, 107 Front street. 

Jevons, Thos. E., Busk & Jevons, 41 Wall street. 

Kellam, M. K., Wagner & Kellam, 74 Murray street. 

Keller, P. A., F. H. Leggett & Co., 128 Franklin street. 

King, Percy R., J. C. de Rivera & Co., 117 Pearl street. 

Kirby, Jas. H., Kirby & Halsted, 87 Front street. 

Landon, Ernest W., Phills & Co., 88 Wall street. 

Leaycraft, Charles R., Leaycraft & Co., 140 Pearl street. 

Leeferts, Wm. H., Morewood & Co., 71 South street. 

Leggett, Francis H., F. H. Leggett & Co., 128 Franklin street. 

Lincoln, Geo. H., 23 Beaver street. 

Lloyd, J. C, J. C. Lloyd & Co., 99 Front street. 

Low, Chauncey E., A. A_ Low & Bro., 31 Burling Slip. 

Lueder, A., 101 Wall street. 

McBride, R. P., 79 Water street. 

McCarthy, Thos. M., Austin, Nichols & Co., 61 Hudson street. 

McKenzie, John D. 

McKinney, Wm., McKinney & Co., 105 Water street. 

McNulty, J. R., J. R. McNulty & Co., 99 Wall street. 

Macy, Geo. H., Carter, Hawley & Co., 140 Pearl street. 



Members of the "Tea Exchange' 9 167 

Macgregor, Wm., Macgregor & Dallas, 119 Front street. 

Massa, Ferdinand N., Pierrepont Bros. & Co., Pierrepont Stores, 

Brooklyn. 
Mattmann, T. J., 5 William street. 

Mead, Edwin, E. & R. Mead, Jr., & Co., 13 Coenties slip. 
Mead, Frederick, Frederick Mead & Co., 138 Pearl street. 
Mead, Frederick, Jr., Frederick Mead & Co., 104 Water street. 
Mead, Herman R., H. W. Banks & Co., 109 Wall street 
Miller, Schuyler, 93 Wall street. 

Minford, L. W., L. W. Minford & Co., 104 Wall street. 
Minford, Thos., Skiddy, Minford & Co., 101 Wall street. 
Minturn, Robert B., Grinnell, Minturn & Co., 78 South street. 
Mix, James B., 122 Front street. 

Montague, D. P., Spence, Montague & Co., 16 Exchange Place. 
Montgomery, James M., H. W. Banks & Co., 109 Wall street. 
Montgomery, Jno. R., J. & J. R. Montgomery & Co., 127 Water 

street. 
Montgomery, Richard M., 106 Wall street. 

Morewood, Geo. B., Jr., Geo. B. Morewood & Co., 121 Front street. 
Morewood, Henry F., Geo. B. Morewood & Co., 121 Front street. 
Morrill, B. W., Morrill & Stevens, 38 Broadway. 
Morrison, Cornelius, Waite, Creighton & Morrison, 89 Wall street. 
Mosle, A. M., Mosle Bros., 52 Exchange Place. 
Neely, E. R., Mclntyre & Wardwell, 85 Broad street. 
Nicholas, C. G., Whitney Bros., 81 Water street. 
Nichols, Geo. R., Geo. R. Nichols & Co., Boston, Mass. 
Nordhaus, Charles, 13 Cedar street. 

Nordlinger, Henry, Henry Nordlinger & Co., 100 Pearl street. 
Norton, Thos., Thos. Norton & Co., 104 Wall street. 
Osborn, F. Pares, J. Osborn, Son & Co., 45 Beaver street. 
Osborn, W. J., 29 Wall street. 
Osborne, Samuel S., 108 Front street. 

Oxnard, Robert, Oxnard Sugar Refining Co., 109 Wall street. 
Partridge, A. D., 107 Water street 
Perkins, Benj., S. & W. Welsh, 41 Wall street. 
Pierson, A. J., 114 Wall street. 

Pomares, Marino, Pomares & Cushman, 38 Broadway. 
Potter, J. B., C. G. Ramsey & Co., 87 Wall street. 
Pressprich, 0., 122 Front street. 

Ramee, Louis C, Zuricalday & Arguimbau, 28 Beaver street. 
Randall, John T., L. W. Minford & Co., 104 Wall street 
Rivera, Henry C. de, J. C. de Rivera & Co., 117 Pearl street 
Robertson, J. C, 82 Water street. 

Romeyn, Hiram R., D. H. Houghtaling & Co., 142 Front street 
Ross, Thomas, Thomas Hoss & Co., 128 Water street 



168 Old Organizations in the Trade 

Russell, Jas. C, Williams, Chapin & Russell, 105 Front street 
Russell, Robt. S., 107 Water street. 

Sazerac, Jules, Jules Sezerac & Co., 89 Water street. 

Schramm, A. H. E., Meehan & Schramm, 95 Front street. 

Scott, James, William Scott & Sons, 111 Wall street. 

Seligsberg, Louis, Wolff & Seligsberg, 136 Front street. 

Sheldon, Henry, Henry Sheldon & Co., 109 Front street. 

Shiner, Geo. V., 72 Broadway. 

Simes, Jos. S., J. S. Simes & Bro., Boston. 

Smith, E. R., Smith, Baker & Co., 140 Pearl street. 

Sorley, Wm., O'Shaugnessey & Sorley, 93 Wall street. 

Sorver, Geo. W., Jas. Graham & Co., 104 Wall street. 

Souto, B., 142 Pearl street. 

Stevens, E. W., John C. Phillips & Co., 130 Water street. 

Talcott, T. H., 108 Front street. 

Taylor, George, Taylor & Taube, 111 Water street. 

Taylor, Jas. H., T. T. Barr & Co., 107 Front street. 

Tennille, Wm. A., Tuttle & Wakefield, 84 Beaver street. 

Thebaud, Frank F., Thebaud Bros., 64 Broad street. 

Thurber, Horace K., H. K. & F. B. Thurber & Co., 116 Reade street. 

Tiebout, Wm. T., Stannard & Tiebout, 91 Wall street. 

Tobias, George H., 94 Wall street. 

Townsend, Jas. R., Jas. R. Townsend & Son, 16 Piatt street. 

Tucker, R. A., R. A. Tucker & Co., 25 South street. 

Turner, Joseph B., Turner Bros., 122 Front street. 

Van Benschoten S., 110 Water street. 

Vanderkieft, J. W., 92 Wall street. 

Vatable, Amedie, H. A. Vatable & Son, 89 Water street. 

Vickers, T. L., 90 Front street. 

Wallen, J. R., Arthur Colburn & Co., 110 Wall street. 

Wanzer, Moses G., Burdick, Friesbie & Co., 108 Wall street. 

Welsh, Osgood, S. & W. Welsh, 41 Wall street. 

Wilde, Geo. C, W. B. Cooper, Jr., 168 Pearl street. 

Willard, E. A., E. A. Willard & Co., 128 Front street. 

Willett, Wallace P., Willet & Hamlin, 102 Wall street. 

Wiley, W. H. Wiley & Wing, 150 Reade street. 

Williams, G. C, 121 Front street. 

Williams, R. C, R. C. Williams & Co., 29 Peck Slip. 

Wing, Albert, A. Wing, Son & Co., 91 Wall street. 

Winsor, Alfred, Boston, Mass. 

Winstanley, A., Cornes & Co., 121 Front street. 

Woodruff, A. C, E. B. Bartlett & Co., 19 Old Slip. 

Woodruff, Morris, Geo. W. Lane & Co., 93 Front street 

Zuricalday, Aquilino, Zuricalday & Arguimbau, 28 Beaver street. 



Proposal of Consolidation of Exchanges 169 

The Importers and Grocers' Exchange had "struck a 
snag." Quite a large business had been done in tea 
futures, but when delivering time came around it was 
found impossible for the graders to agree, there being 
so much difference in opinion as to cup quality. There 
were a number of failures, and the ideas of future sales 
practically abandoned. The scheme of consolidating the 
two Exchanges was then taken up, and the proposed 
plans were: 

PROPOSED PLAN OF CONSOLIDATION OF THE NEW YORK 
COFFEE EXCHANGE AND THE IMPORTERS' AND 
GROCERS' EXCHANGE OF NEW YORK. 

1. The name of the amalgamated Exchange shall be "The 
Merchants Exchange of New York," or "The Importers and Mer- 
chants Exchange of New York/' or "Importers and Coffee Ex- 
change of New York," or the "Coffee and Grocers' Exchange of 
New York." 

2. A Call shall be made twice every day during the existence 
of the amalgamated Exchange of coffee, tea and raw and refined 
sugars. 

3. The amalgamated Exchange shall accept the present Special 
Trade Rules of the New York Coffee Exchange, and the Importers' 
and Grocers' Exchange on Tea and Sugar, subject to such altera- 
tions and amendments as the Trustees of the amalgamated Ex- 
change may hereafter deem necessary. 

4. The Trustees of the amalgamated Exchange shall be in 
number, twenty; and for the first year, three-fifths to be selected 
from the present Trustees of The New York Coffee Exchange 
and two-fifths from the present Trustees of the Importers' and 
Grocers' Exchange. 

5. The amalgamated Exchange shall elect officers by ballot. 

6. A membership in The New York Coffee Exchange will be 
exchangeable free of cost for a membership in the amalgamated 
Exchange. A membership in the Importers' and Grocers' Exchange 
will be exchangeable for a membership in the amalgamated Ex- 
change on payment of $200. 

7. General rules for the government of the amalgamated Ex- 
change shall be so framed as not to interfere with the present 
special Trade Rules of The New York Coffee Exchange, or the Im- 
porters and Grocers' Exchange. 

8. All contracts existing on The New York Coffee Exchange, 



170 Old Organizations in the Trade. 

or the Importers' and Grocers' Exchange of New York, at the time 
of the amalgamation shall be in force on the amalgamated Ex- 
change under the same rules and conditions. 

9. The net capital of The New York Coffee Exchange and the 
net capital of the Importers' and Grocers' Exchange of New York, 
after satisfying all claims and obligations of each Exchange, shall 
be turned over to the Trustees of the amalgamated Exchange, as 
capital of such amalgamated Exchange. 

10. No person shall be elected to membership to the Consolidated 
Exchange who does not present a certificate of membership of 
either The New York Coffee Exchange or the Importers' and 
Grocers' Exchange of New York. 

New York, Dec. 12, 1884. 
To the Governing Committee of The New York Coffee Exchange: 
The "Conference Committee" beg to report by submitting the 
proposed plan of Consolidation from the Importers' and Grocers' 
Exchange, and a paper showing present status of the two Ex- 
changes, and estimates of results of an amalgamation. 

Your Committee consider that article "6" in the proposal has 
an equitable basis in a financial points of view. The subjects 
referred to in the other articles, are submitted without remark 
for the reason that their consideration will depend upon action 
upon Article 6. 

The advantages of consolidation to the Coffee Exchange lie in 
the additional strength, which larger numbers give to an or- 
ganized body, in the lessening of the "annual dues," and in the 
privilege of dealing in the staples controlled by the Importers' 
and Grocers' Exchange. 

The Committee will express their views individually to the 
Governing Committee of the merits of the scheme. 
Respectfully submitted, 

B. G. ARNOLD, Chairman, 
GEO. G. NEVERS, 
JOSEPH J. O'DONOHUE. 



Proposal of Consolidation of Exchanges 171 

Status of "The New York Coffee Exchange" and of the "Im- 
porters 1 and Grocers 1 Exchange of New York" 
The "New York Coffee Exchange" has 311 members. 

112 admitted at $250 each $28,000 

99 admitted at 500 each 49,500 

100 admitted at 1,000 each 100,000 

311 admitted, producing $177,500 

Average cost of a seat, $570. 
It has investments of the value of $160,000. 

Fund value of a seat, $511. 
The "Importers' and Grocers' Exchange of New York" has 
members. 

115 admitted at $250 each $28,750 

100 admitted at 500 each 50,000 

5 admitted at 1,000 each 5,000 

220 admitted, producing $83,750 

Average cost of a seat, $380. 

It has a Fund of about $70,000. 
Fund value of a seat, $318. 

The basis for a consolidation proposed by the Importers' and 
Grocers' Exchange of New York, is, that "a Membership 
in the Importers' and Grocers' Exchange of New York 
shall be exchangeable for a Membership in the Amalgamated 
Exchange on payment of $200." 
Equal to about $518 each. 

The expenses of the "New York Coffee Exchange," at present, are 
about $26,000; met by Income on Investment, $8,000, and 
Annual Dues of $60 each, about $18,000. 

The expenses of the Amalgamated Exchange are estimated at 
$32,000; to be met by Income on, say $240,000 at 5 per 
cent, about $12,000; Annual Dues of 461 members at $45 
each, about $20,000. 
Supposing 150 members come in, Annual Dues $45 each. 

The above is on an estimate of 150 members coming into the ar- 
rangement. If 200 members should come in, the result 
would be, say Expenses $32,000; Fund increased to $263,000 
at 5 per cent., about $13,000; Annual Dues of 511 members 
at $40 each, about $20,000. 
Supposing 200 members come in, Annual Dues $40 ) each. 

While the committee spent much time in arriving at 
& fair basis of the consolidation of the two Exchanges, 



172 Old Organizations in the Trade 

the scheme was not popular with the members of the 
Coffee Exchange; so the matter was abandoned. 

During December, 1885, the Cotton Exchange, to dis- 
pose of their building (until recently occupied by W. R. 
Grace & Co.), gave the Coffee Exchange a refusal for 
about one month at $125,000, and although they had in 
the treasury at that time about $175,000 the Coffee 
Exchange let the opportunity pass, and the building im- 
mediately sold for much more. 

In the early days of the Exchange there were some 
very hotly contested elections, perhaps that held January, 
1885, being the most closely contested. The secretary 
and treasurer had each been voted a salary of $750 per 
year and the manager's increased to $4,000 ; $30,000 had 
been invested in Long Island City and Flushing bonds, 
not listed on the Stock Exchange. 

The so-called independent ticket called for "greater 
economy in the running expenses of the Exchange, 
whereas a reduction will not impair its welfare nor use- 
fulness, and termination of illegal salaries now paid." 
The dues were still $60 per year. I have before me four 
open letters "To the members of the New York Coffee 
Exchange." I regret that they are too long to give here. 
As I intend giving the Exchange my old papers connected 
with same, those interested can read them there. The 
regular ticket won in February, 1885. The vote for the 
following ticket was not officially counted, but the candi- 
dates were among the most popular members : 

NEW YORK BEAN EXCHANGE. 

Independent. 



Mugwumps' Ticket. 
January 8, 1885. 



For President: 
Billy L. Mitchell. 



The "New York Bean Exchange." 173 

For Vice-President: 
Jump Wrong Phoenix. 

For Treasurer: 
Nedward Hardup White. 

Trustees : 

Three years. 

Herman Hanor, 

Cigarette Jackson, 

Wicked Moses Newbald, 

Gumbo Drakely. 

Jabber Enough Blair, 
To fill vacancy for two years, Vice S. Grunter, resigned. 

Governing Committee: 
Arthur DeFunct Roller, 

Long Born Zacharias, 
Frank "Bullhead" Arnold. 



COFFEE BOOMS 



There have been a number of "booms" on the New 
York Coffee Exchange. The first was that of 1883-4. 
Starting in the early part of July, 1883, with spot 7-7 }4, 
it advanced to liy 2 the last of November; then broke to 
9% by the middle of December, and by the last of March, 
1884, it was back to 854. The inability of a Brazil firm 
to respond to their New York agent's call for more mar- 
gins was the cause of the failure to carry the market 
higher. 

The great boom was that of 1886-87, started on Brazil 
crop news. The 1886-87 crop was 6,078,000. The esti- 
mates for 1887-88 were so small that it could be con- 
sidered almost a crop failure — proved to be only 3,033,000 
bags. 

Several large houses in Brazil, Europe, New Orleans 
and Chicago joined with a New York firm to bull the 
market to 25 cents for December options, which was the 
object price, the buying to be done through the New 



Booms and Panic on Coffee Exchange 175 

York firm, who were to draw at sight on one house in 
each city and who would represent the whole, putting up 
the necessary margins. On June 26, 1886, No. 7 was 7y 2 , 
June option 7.65. There was an almost continuous ad- 
vance, the reports of the crops being very discouraging, 
even more than the first estimates. 

On June 1, 1887, 500 bags December had been sold at 
22.25 — this was the highest price yet paid for any op- 
tions. It was sold on the same day for 21.70; June 2 
December was 21.50. The market then became very 
erratic. There was very bitter war between the two 
factions, and so strong became the feeling that it seemed 
it would disrupt the Exchange, prices varying 10 to 20 
points between sales of the same month. 

THE PANIC 

On June 6 December sold at 22.40, and June 7 at 21.60. 
June 9 one sale of December was at 21.10, the next sale, 
almost at the same time, being 20.75. June 10 December 
closed 21.40. Rumor became rife that there was trouble 
with the Brazil cable. On Saturday all were ready for 
the final struggle. The floor of the Exchange was 
crowded; it was only a half day, yet it was to decide a 
^matter of millions. The offices had hardly opened when 
boys were seen running from office to office collecting all 
possible margins. The market opened with first call. 
December was the crisis. What bid for December? No 
reply. December? Still no bid. December 20 bid .05, 
.10, .15 ; it passed without a sale. It was the calm before 
the storm, for no sooner was the call finished when the 
storm broke. December sold at 20.15, 20, 19.75, and so 
on till it reached 18.65, at which price it closed. Total 
sales for the half day 155,750, with a decline from pre- 
vious night's close to 275 points. It was soon known 
that the checks of the great bull house had been thrown 
out. The bank that had accepted their drafts on New 



176 Booms on the Coffee Exchange 

Orleans and Chicago had refused to take them except for 
collection only. 

There was no half -holiday for the coffee trade, for it 
was known that the battle was lost and won. The first 
great panic on the Coffee Exchange was before them, the 
second great sweeping away of fortunes for the coffee 
trade awaited them. Sunday, the day of rest, found those 
interested — and who was not? — uncertain as to whether 
they were bankrupt or wealthy. No matter how anxious 
some were for the coming of Monday, others were equally 
desirous of a few more hours in which to collect money 
to meet the call for margins. 

Monday, June 13. — Hundreds flocked to the Exchange 
to witness the slaughter of the bulls. There was no un- 
certainty, no waiting at the call. The dark clouds of ruin 
that had hovered over the Exchange since Saturday now 
broke into a hurricane ; 17.40 was the very first sale, 125 
points decline. Immediately after call, December sold 
17.05. Then on second call, 17.10. The little support 
was like a great wave receding before its return with re- 
newed force. December sold 16.75, 16.50, 16.80 — almost 
any price one chose to bid one side of the ring, the current 
price being 16.60, while on the other it was 16.70. Then 
with one mighty effort 18,750 December sold at 16. The 
decline from Friday's closing was 540 points, or $7 a bag ; 
the "wild horses" must be checked or there would be ruin 
for the whole coffee trade. We were new at such busi- 
ness. The jobbers must take a hand and save the specu- 
lators or all would be swept away by the great wave; 
16.25, 16.50, up to 17 was bid, taking all offered, closing 
sale 4,000 at 17. The tide was turned. Total sales for 
the day, 412,000; over $1,500,000 passed through the 
Coffee Exchange for margins. Had the decline con- 
tinued, most of the larger houses in the trade would have 
been forced to suspend. 



The Greatest Boom on Coffee Exchange 177 

June 14, December opened 17.80, closed 18.15. June 
15, December opened 18.20, closed 18.10. June 16, opened 
19.15, sold at 19.25, closed 19. June 17, a new battle 
commenced. December opened at 17, two cents off from 
previous closing; advanced to 18.10, closed 17.50. June 
18, December opened at 17.15, went to 16.50, closed at 
16.90. June 20, Havre advanced 5 francs. Our market 
opened, December 18.10, and closed at 17.90. By June 
24 it was back to December 16.00. From June 1, Decem- 
ber went from 22.25 to 16.00, back to 19.25, returning to 
16.00, June 24. In 24 days fortunes were made and lost, 
millions of dollars changed hands, and at the end who 
gained? Actual coffee was nearly as wild a speculation 
as options. 

The position warranted the advance or, as one of the 
members of a large coffee house, when the cable estimates 
for the new crop of only about 3,000,000 bags were shown 
to him, remarked : "If that is true, sevens will go to 25 
cents, or perhaps higher." Coffee bought in the morning 
showed a handsome profit in the afternoon. Coffee 
bought afloat paid two or three dollars a bag by the time 
it arrived. Firms accustomed to buying hundreds were 
now buying thousands of bags. It was a year of unpre- 
cedented gain. The crash came, and the profits of the 
year were wiped out. Actual coffee followed options 
downward, as they had upward. 

I copy from the New York Journal of Commerce that 
my readers may form some idea of the collapse of the 
greatest boom that ever took place on the Exchange : 

Friday, June 10, 1887. — Coffee: The Brazil grades displayed at 
the outset a little strength on the options with 5 to 10 points ad- 
vance on other months than June; this month was 15 points 
lower. There was afterwards realizing by foreign houses and a 
break of 30 to 50 points. Havre showed only slight fluctuations. 
There was no cable from Rio de Janeiro, and only a few orders 
to buy from Rio. London was not changed materially. Havre 



178 Booms on the Coffee Exchange 

was lower. There did not appear any attempt to hold up the 
market. The most marked decline for the day was 85 points 
on November and December; the other months, 35 points down 
from the opening. The break was from mere lack of interest 
on the part of the clique who ' probably wanted the market to 
settle further preparatory to giving it a fresh grip. 

Saturday, June 11. — Coffee: This has been a day full of ex- 
citement. The decline in prices has been unusually heavy. 
Those parties who have been bulling the article latterly are 
openly unloading. The great raft of outsiders sent orders to 
sell with one wild pitch downward of 90 points. There was im- 
mediately a recovery of 10 to 15 points only. Thereafter a 
greater rush to realize, which sent prices whirling, so that trans- 
actions by 1 o'clock were going on at prices that showed fully 120 
to 130 points under the close of yesterday. Havre was down 2% 
francs. Other foreign news was not much changed from yester- 
day. It is not believed that the bull side are interested in any 
other way than in letting prices slide down to a point where they 
can get in another lot of trailers for further handling. The closing 
market showed prices on the options up 25 points from lowest 
of the day. Nobody knows what figures to place on spot goods 
and quotations are abandoned for the day. The affair of the day 
appeared as purely a local one. . . . Holders of mild grades 
are somewhat paralzed by the break in the Rio grades. They 
would sell lower, but how much they have not had an opportunity 
to find out. It would take a close search to find anybody willing 
to take hold of actual goods. It is safe to say that all the mild 
goods can be had at a decline of from one-half to one cent. 

Monday, June 13. — Coffee: Any quotations at present for spot 
goods are useless on account of the situation of the options. The 
feeling is even more demoralized on the option trading after 
opening at 60 points advance. There was great pressure to sell, 
which caused a decline of fully 160 points. The holders of coffee 
were greatly frightened and there was a general desire on the 
part of the long side to get out at any price. 

Tuesday, June 14, 1887. — Coffee: Havre feels in a more 
marked degree the state of affairs that has been going on here 
within two or three days. After declining 3 francs there late on 
Saturday, the early dispatches to-day showed a further loss 
amounting to 8 francs. The market here is wholly beyond con- 
trol. All that can be noticed is thorough scare everywhere, 
letting long holdings go at any sacrifice. The scare works through 
the crowd of speculators. Another reel downward brought the 
market almost at the outset from 110 to 140 points under the 
close of Saturday. A panicky feeling set in afterwards and, at 



The Greatest Boom on the Coffee Exchange 179 

times, there was a loss of fully 300 points, or 3 cents per pound. 
A great many of the small operators who take on in any deal 
with their interest to the extent of 250 bags and upwards, did 
not respond to the call for margins. The $250 required on a deal 
of 250 bags was quickly wiped out and the load was thrown on 
other parties who began to cover these bids became so numerous 
that there was a reaction in prices, and from 100 to 140 points 
were gained on the lowest figures of the day. The feeling to-day 
in the coffee world has been similar to that which existed in the 
upper Wall Street on Black Friday. With three or four failures, 
including at least two prominent houses representative in every 
respect, all parties are gloomy. The stampede to sell could not 
be checked. Money was not to be had at the banks up to the 
proper point to handle the article, and parties who otherwise 
would have made a strong fight against the rush of the outsiders, 
were compelled to succumb to them. One or two parties who 
went under to-day, were operating as commission men and taking 
contracts in their own name. The break was so quick and sharp 
that they had no time to get margins from their customers. How 
they will come out in the end depends upon the willingness of 
the actual parties in the deal to forward their shortage. There 
did not appear to be co-operation among members in operations 
on the bull side. There was no time for preferences to-day. 
Everything was too quick and the wreck of the market too com- 
plete to stand up against it. It is said that one house put up 
$1,000,000 in margins, and other $750,000, which were completely 
cleaned out and left them in default. 

One can form some idea of the losses there were in actual 
coffee from quotations of milds: 

June 8, '87. June 29, '87. 

Malang .23% to 24 20 to 21 

Palambang 24 "25 22 "23 

Badang 26 "27 — "23 

Timor 24% "26 — " 23 

Maracaibo 22% "23 19 " 20 

Porto Cabella 21% " 22 18 " 19 

Caracas 22 "22% 18% " 19% 

Central America 21% "23% 18% " 22 

Mocha 27 "28 24 "26 

About 3 cents decline in 21 days, and impossible to sell even 
at the decline. 

The Brazil crop 1888-91 was 6,827,000 bags, over 
double that 1887-88. News of this greatly increased crop 
estimate had been confirmed, and everyone was offering 



180 Booms on the Coffee Exchange 

his coffee. At this time "hedging" against stock had not 
become so popular as now; to-day some hedge even 
against their purchases, that is, they buy, say, 1,000 
bags because they believe it is cheap and sell on the Ex- 
change 1,000 bags for fear there may be a loss on it. 

Prior to the 1900-1901 crop, Rio had largely exceeded 
that of Santos ; it now changed, Santos crop being 
2,945,000, Rio 2,413,000 ; Santos in excess, 532,000 bags. 
Another new era in coffee commenced. 

The crop of 1893-4 had been but 4,309,000. The era 
of large crops commenced from 1894-5, when it was 
6,695,000, and from October 15, 1895. With 7s 15*4, 
there was an almost continual decline until 4*4 was 
reached November, 1898. A sale of old crop Santos 
grading 7 + 10 was made March 14, 1898, at by 2 cents. 
This was largely the result of a great bear campaign — 
a campaign of literature. There was scarcely a day 
but a circular pro or con was sent to the trade. 

In 1899 was the bubonic plague boom. Brazil was 
quarantined; steamers arriving from there were held 
in our Lower Bay and their cargoes refused landing; 
the Lascelle was run into and sunk; in fact, the very 
old Harry was to pay. The market advanced from 4*4 
in September to 8% in July, 1900. The quarantine 
being raised, the bear campaign commenced again with 
renewed vigor, and forced 7s to 5 cents, April, 1901. 

All kinds of coffee were being delivered on the Ex- 
change, even Java Liberians and other mild coffees. 
Early in July, 1903, the price was Sy 2 (option), probably 
the lowest price ever known in the history of coffee. The 
crops of 1901-2 were so much larger than anyone ex- 
pected, 15,000,000, that there was a demoralized coffee 
market throughout the world. The position of the 
coffee-producing countries was pitiful, they being de- 



Booms on the Coffee Exchange 181 

pendent on the coffee crops for their livelihood. The 
excessive low prices did not return the money expended 
for its manipulation. Many were ruined. This was 
especially so in the mild coffee districts, located at great 
distances from the ports of shipment. They hardly ob- 
tained for their coffee the cost of transportation. Com- 
mission houses that had advanced on coffee were unable 
to realize even half of the amount, and many were 
obliged to wind up their business. 

The following is from the Brazilian Review in 1898, 
written by Dr. Phil F. W. Dafert, director of the Agri- 
cultural Institute of the State of Sao Paulo, at 
Campinas, Brazil: "We have seen that the situation of 
the present owners of plantations in Brazil is very pre- 
carious and that the majority of them will probably be 
forced to sell their lands or have them sold under mort- 
gage. . . . Such a real danger could only arise if 
either wages were to rise in a marked degree or if prices 
of coffee were to fall still lower. Neither event seems 
probable." The lowest price up to that time had been 
4.60 for options, while in 1903 they were as low as 3.55. 

From New York Evening Post : "Competition in the 
coffee trade has been active for many years and recent 
low prices have increased this to an unusual degree. 
Profits are cut down to the lowest possible figure in 
every direction in order to obtain a sufficient volume of 
business to enable manufacturers to make ends meet." 

During the high prices of 1910, but few remembered 
the hard times of 1903, which had driven from the 
trade some of our oldest houses. We should remember 
that extreme prices, either low or high, are apt to be 
disastrous. Trade is like a great pendulum that swings 
back and forth. 

In 1903 was what was known as the Southern boom, 



182 Booms on the Coffee Exchange 

so called on account of its being in charge of the "cot- 
ton crowd." Commencing about the last of 1903, with 
options about 7.50, they advanced to 12 cents. The great 
finale came Thursday, Feb. 4, 1904. The Journal of Com- 
merce for the preceding days, gave the following ac- 
counts : 

February 2, 1904. — Trading in the speculative market for 
coffee was active, and prices showed an advancing tendency, 
selling at the highest since 1896 — when July deliveries touched 
11.85. The opening was at the advance of 5 to 10 points, fol- 
lowed by an additional gain of 5 to 15 points for the active de- 
liveries; then came a reaction of 10 to 15 points, but at the 
close of the market again strengthened, and rallied 5 and 10 
points — final prices showing a net gain for the day of 15 to 25 
points. Sales for the day, 462,250 bags. 

February 3. — Speculation in the market for coffee contracts 
was exceptionally active, sales for the day amounting to 555,250 
bags, making a new high record. The opening of the market 
was irregular, the nearby deliveries being unchanged to 10 points 
lower, and the distant months unchanged to 10 points higher. 
Immediately following the opening there was a partial advance 
of 5 to 10 points. Subsequently, however, there developed a re- 
actionary tendency, and, as the day advanced, the market be- 
came weak, prices declining 45 to 50 points from the high point 
of the morning; the close was easy at a net loss for the day of 
45 to 50 points. 

The so-called Sielcken interest continued active in the selling 
side of the market during the morning trade, they being credited 
with selling out their entire long interest in the market, and, in 
some instances, taking the short side of the market. During 
the forepart of the day there was good buying, apparently com- 
ing largely from the new bull interests and their following, but 
prices gradually yielded, and, during the afternoon, following 
a break in cotton values and a report that Mr. Sully was to 
take a vacation from active business, there developed heavy gen- 
eral selling. Stop-loss orders were uncovered, and, as there was 
no aggressive support from the bull interests, prices broke badly. 
Opinions differed as to whether the reaction was over or not, 
but there seemed to be a general feeling that the market was 
in a much better position, as a result of the setback which it has 
received and the extensive reductions of heavy long interests 
which latterly have existed. 

Thursday, February 4. — Enormous trading and a sensational 
break in prices were the feature of the speculative market for 



Boom of 1904 on Coffee Exchange 183 

coffee. A new high record for a day's trading was established, 
the sales reported amounting to 641,750 bags. The opening was at 
a decline of 15 and 50 points, followed by a break during the 
day of 25 and 60 points, the low figure touched showing decline 
of 60 to 80 points, During the late trading there was recovery 
of 5 and 20 points, and the close was steady at a net decline for 
the day of 25 to 65 points. 

Liquidations by the speculative holders was the feature of the 
market. L. I. Smith, of Chicago, was reported a heavy seller, 
it being understood by well informed members of the trade that 
during the two or three days this interest sold out a long line 
of coffee variously estimated at from 500,000 to 700,000 bags. 
Cotton Exchange wire houses also reported free sellers to liquidate 
long contracts. 

The sharper decline in prices for both cotton and coffee having 
a tendency to make some of the interests, operating through the 
wire houses, slow in responding to call for margins, their hold- 
ings were therefore thrown on the market. Aside from ex- 
tensive liquidations there was nothing in the market to account 
for the sharper break in prices, no new developments being re- 
ported from Brazil. 

At the decline in prices the so-called Sielcken interests were 
reputed heavy buyers of coffee, they being creditd with purchas- 
ing during the day about 400,000 bags. A fair amount of buy- 
ing for account of D. J. Sully & Co., also were reported during 
the latter part of the day. At the close of the market a much 
more confident feeling was apparent. The heavy long interest 
that existed in the market, well informed members of the trade 
expressed themselves as believing, has been about liquidated, and 
they were, therefore, induced to look for a fairly sharper re- 
covery in prices, especially as new buying was again being at- 
tracted to the market. 

Friday, February 5. — An excited market was experienced 
throughout the day, and prices made another sensational drop. 
The decline in September contracts from the high point reached 
on Tuesday morning amounting to 205 points. The opening of 
the market for the day was at a decline of 5 to 10 points for 
the near months, and 50 to 60 points for the distant deliveries. 
During the day the market worked up and down within a range 
of 40 to 50 points for the active months, and finally closed at 
about the bottom prices for the day. They showed a net decline 
at 80 to 90 points, the greatest weakness being in the distant 
deliveries. The sales as officially recorded by the Coffee Ex- 
change were 689,250 bags, but it was the general opinion of the 



184 Booms on the Coffee Exchange 

brokers who were active on the floor that the amount of busi- 
ness actually transacted was in excess of 1,00.0,000 bags. 

According to the talk current in the trade after the close, it 
was the prevailing opinion that, as a result of the heavy selling, 
the Southern speculative interests, which recently entered the 
market, have been about liquidated, and it also was reported 
that D. J. Sully had closed out his entire interest in the market. 

At the decline, buying by strong interests developed, the 
Sielcken interest was generally credited with being the heaviest 
buyers, and there also was active buying through such houses as 
L. W. Minford & Co., and Baruch Bros., principally at 7.25 and 
below, for September. These two houses, during the first part 
of the week, were among the heaviest sellers, and it is now be- 
lieved that those who sold out at about the top of the market 
are re-entering the market as buyers. Lewishon Bros, also were 
reported fairly good buyers. 

Saturday, February 6. — There was less excitement to the trad- 
ing than for several days past. The volume of business trans- 
acted, nevertheless, was large, and the undertone of the market 
appeared to be steadier. The opening was at an advance of 15 
to 30 points. Immediately following the opening was a break in 
prices for the active deliveries of 30 and 50 points. Then came 
a rally, and, during the remainder of the day, the market worked 
back and forth within comparatively nearer range, finally clos- 
ing steady 10 points lower to 10 points higher. 

It has been questioned in which great boom the most 
business was done, in that of 1887 or of 1904. The 
sales in 1887 were 26,871,250; 1904, 25,487,500; 1887 
over 1904, 1,383,750. The largest day's sale in 1887 
was 412,000; 1904, 689,250; but it should be remem- 
bered that in 1887 the Exchange was new and not ac- 
customed to handling a large business; the room was 
small and had but little facilities for recording business. 
1 can remember at one time that it was said that barely 
half the sales were reported or recorded, but taking 
the years 1887-1888, the total sales were 47,868,750, 
against 1904-05, 46,729,750, or 1,139,000 in favor of 
1887-8. 

The decline from Friday, June 10, 1887, till Monday 




JOHN ARBUC'KLE, 

ARBUCKLE BROTHERS. 




GEORGE C. RAND, 

HARD & RAND. 






Boom and Decline of 1904 185 

dosing was 540 points. Saturday, December closed 18.65 
bid; closed Monday at 16.00, 265 points decline, then 
back to 17.00, one and one-half days, a variation of 365 
points in one day. 1904, the deline from Tuesday to 
Friday, four days, was but 205 points. Therefore, the 
boom and decline of 1904 was but a mere flea bite as 
compared with that of 1887, when prices advanced from 
7.55 in July, 1886, to December 22.25, June, 1887—1,485 
points in one year ! 

Confidence in our merchants had became so shaken 
by losses in the coffee trade, especially of those doing 
business on Exchange, that some of the banks required 
letters from their customers, stating that they did not 
have any Exchange transactions. The failure of one of 
the old houses that had enjoyed unlimited credit was 
presumed to have been largely due to loses on the Ex- 
change. Previous to this coffee purchasers were on 
ninety days notes, which were in demand by many of 
town banks. A complete change took place, and coffee 
has .become, on the "street," a strictly cash article. 
While importers are willing to extend almost unlimited 
credit to shippers of coffee, the jobbers are obliged to 
give a check before they can obtain even an order on the 
store-house for their purchase. In another way, the 
Exchange has revolutionized our trade. To-day, Brazil 
coffees, in a large way, are almost entirely sold on grade. 
Many of us will see history repeat itself, coffee being sold 
merely as coffee except in cases of short crops. 

Not so many years ago "J. R. B. El Porviuner Guate- 
mala" was the most sought after brand of coffee. It was 
from the plantation of J. Rufino Barrios, then President 
of Guatemala, whose ambition it was to produce the 
finest coffee grown, and who claimed that a small hand- 
ful would fairly represent thousands of bags. There were 
three distinctive grades designated by counter marks, 



186 Booms on the Coffee Exchange 

"Supremo/' "Suprior" and "Primera," and it was a fact 
that the coffee was as near perfect as possible. General 
Barrios was a most ardent admirer of our city, and it 
was his intention when a union of the Central American 
Republics had been accomplished to retire from politics 
and establish a coffee importing house in New York. 
Unfortunately, he was killed in battle during the war 
between Guatemala and San Salvador. His widow re- 
sided here for many years, and her father, Juan Aparicio, 
received this celebrated coffee until the plantation was 
sold to a German Syndicate. 

General (Jacob) Baiz was, at one time, agent for this 
J. R. B. coffee. The title "General" followed him until 
his death and many wondered how he obtained it. When 
General Bonilla was president of Honduras, Mr. Baiz 
was Consul-General. Learning of a filibustering ex- 
pedition against the Hondurian Government, he in- 
formed our State Department that S.S. Mexico has 
sailed with arms and amunition. The United States 
Cruiser Gelena, in command of Commander (now Ad- 
miral) Chester, was sent in chase and soon seized the 
Mexico, which, being condemned for violation of the 
neutrality law, was sold. President Bonilla was so 
pleased with Mr. Baiz's successful efforts that, as a 
token of his appreciation, he appointed him Major-Gen- 
eral in the Hondurian Army, the commission being a 
most formidable document. 

About 40 per cent, of the total business on the Coffee 
Exchange between 1882 — the year it opened — and 1906 
was done in the four years 1886, 1887, 1904, 1905. 
There was more business done the second year of the 
Exchange, 1883, than in any year between 1890 and 
1901. 

In March, 1889, the Exchange purchased the land for 



Present Representatives of Original Membership 187 

their present building, at a cost of $230,532, being ob- 
liged to give up their old quarters ; they took a temporary 
lease of 53 Beaver street, and in May, 1895, their pres- 
ent building was finished at a cost of $232,065, making 
total cost $462,597. This was a most excellent invest- 
ment, for not only do the Exchange have their fine quar- 
ters free, but the building brings in a good income. 
This certainly speaks well for the management. 

The Exchange has been very fortunate in its officers, 
who have always been the most representative men in 
the trade. Louis Seligsberg, Willim Sorley, S. I. Cohen 
and A. Wakeman, are all that are left of the old guard. 
Mr. Seligsberg has been a member of the governing 
committee almost continually since 1883. To his untir- 
ing efforts much of the Exchange's success is due. 

I cannot close this part of my reminiscences without 
mentioning C. B. Stroud, the superintendent, whom I 
remember as a boy, then, as now, devoting his life's best 
energies to the Exchange. 

Of the entire original membership of 112 in 1882, the 
following are still members : S. I. Cohen, Henry Hentz, 
Clarence Creighton, William Sorley, J. W. Phyfe, W. H. 
Force, Louis Seligsberg, E. H. Peck, C. R. Blakeman, 
E. H. White, Charles Dittmann, C. R. Westfeldt, W. D. 
Mackey, and C. K. Small. 

I have mentioned that, before the Coffee Exchange 
organized, and, while it was being talked of, those in favor 
gave as a reason that it would effect better classifica- 
tions, give an outlet for large accumulated stocks, afford 
better news facilities, be a court of arbitration and 
afford the roaster an opportunity to figure the cost of 
his coffee for a long period ; all this it has accomplished. 
Those who were opposed said: "What is the use of 
letting the countrymen know as much as we do, and a 



188 Booms on the Coffee Exchange 

little more? We are now making a fair profit in our 
sales." They, also, were correct. The quotations are 
telegraphed all over the world, even the sales are known 
the following day — the cables, the grading, even the dif- 
ferences. So to-day there are no out-of-town buyers; 
they are importers, and the manifest will show more 
out-of-town names than those of New York. New 
Orleans is fast taking away from New York the coffee 
market. The question is still with us: Has the Ex- 
change helped us as a coffee market or not? 

Several times the Exchange has had calls of tea and 
sugar. In 1890 much time was spent in arranging rules 
for raw sugar. It was "called" and some business done, 
but later dropped. 



Coffee Exchange and Lower Wall 

Street Business Men's 

Association 



I have mentioned several times the Lower Wall Street 
Business Men's Republican Club and Association. The 
name has been changed several times since its organiza- 
tion in 1883. In 1890 it became Coffee Exchange and 
Lower Wall Stret Business Men's Association. During 
the presidential campaigns it has affiliated wiih the Re- 
publican party, and it has always participated in the 
business men's parade, taking great pride in its fine 
appearance. 

Early in 1884 were the great Western floods. A joint 
committee was appointed from our Exchanges, consist- 
ing of A. Wakeman, Louis Seligsberg, C. G. Boardman, 
H. C. Maddux, W. H. Kirkland, Charles M. Bull and 
James C. Russell. They collected about $6,000. Mayor 
Franklin Edson appointed an advisory committee to dis- 
tribute all the funds collected in New York, consisting 
of C. P. Brainard, Meyer Lehman, W. B. Smith, Charles 



190 Coffee Exchange and Lower Wall 

M. Frey and A- Wackman, secretary. They being in 
daily communication with the flooded districts, the funds 
were turned over to them and were so economically used 
that there was quite a surplus left which was returned 
to the subscribers. 

In 1884 the Presidential campaign was very active in 
our location, there being many, what were then termed, 
"mugwumps." The first to organize was the Lower Wall 
Street Merchants' Blaine and Logan Club; the name 
Lower Wall Street, meaning all the section between 
William street, South street, Maiden Lane and Old Slip, 
was then first used and has been retained ever since. 
Darwin R. James, of Packard & James, was the first 
president; L. W. Minford, treasurer, and A. Wakeman, 
secretary. They joined in the first "Grand Parade of 
the Business Men of New York, to welcome the Hon. 
James G. Blaine to our city, who reviewed us." The 
Democrats, not to be outdone, also had a parade re- 
viewed by Hon. Grover Cleveland. But their great effort 
was the meeting held corner Wall and Front streets, in 
front of Skiddy, Minford & Co.'s office. Louis Maddux 
presided. He was a very handsome man with snow 
white hair and whiskers and made a fine appearance. 
At the meeting was Mrs. Henry Ward Beecher accom- 
panying Mr. Beecher, who made the principal address. 
The meeting was a memorable one. 

April 30, 1889, was the Centennial Celebration of the 
Inauguration of General Washington as President 
of the United States. On that eventful occasion, Wash- 
ington landed at the foot of Wall street, then Murray's 
Wharf. The Lower Wall Street Business Men's Associa- 
tion considered it their duty to take cognizance of so mem- 
orable an event. Funds were collected and a handsome 
arch erected across Wall street, on the west side of 
Front street. It was highly commended by the press 



Street Business Men's Association 191 

and officials. President Harrison remarked on its beau- 
ty, and the Centennial Committee sent a letter of thanks 
through Clarence W. Bowen, their secretary* 

In the campaign of 1890, Lower Wall street was al- 
most a unit in favor of Sound Money. Taking part in 
the great parade, the Association made probably the 
finest display on that memorable occasion. There were 
about two thousands in line, each person wearing a large 
yellow chrysanthemum and carrying a small banner of 
yellow satin with a gold fringe. The end men of each 
platoon had a silk American flag. The large banner 
carried at the head of the Association is still in posses- 
sion of the Coffee Exchange. The band was composed 
of over one hundred musicians. 

After election the Association has always again be- 
come strictly non-partisan and has accomplished 
much good. During the Spanish-American War 
it collected over 100,000 books and magazines for 
the army and navy. There has been no work done by 
the Association more appreciated. Admiral W. T. 
Sampson presented them with a part of a Spanish 
rifle, captured from the Flagship Maria Teresa, at the 
battle of Santiago. Lieut. Commander W. G. Mitchell 
sent a souvenir from U. S. S. Maine. Both these relics 
are now in the rooms of the Coffee Exchange. Among 
the other letters received by the secretary were the 
following : 

Navy Yard, Boston, Mass., Aug. 14, 1901. 

My dear Sir: 

Through the courtesy of Commander Pillsbury, U. S. Navy, I 
have secured the metal part of a Mauser Rifle which was on 
board Admiral Cervera's flagship Maria Teresa, and which, as 
you will see, shows traces of the fire which destroyed that vessel. 
I take pleasure in sending the same to you to-day, by express, 



192 Coffee Exchange and Lower Wall 

prepaid, with my compliments and best wishes to the Coffee Ex- 
change and Lower Wall Street Business Men's Association. 

Yours very truly, 

W. T. Sampson. 
To A. Wakeman, 

Secretary Coffee Exchange and Lower Wall Street Business 
Men's Association. 



Flagship Olympia, Manila, P. I. 

* * * Will you have the kindness to convey to the mem- 
bers of the Association my sincerest thanks and the thanks of 
all my command for this most magnificent acceptable gift. So 
much reading matter will enable hundreds of men to pass 
pleasant hours that might not be profitably spent. 

George Dewey. 

(Referring to nine cases of books.) 



* * * The books you have shipped to Admiral Dewey's 
squadron will be appreciated by the men much more than any- 
thing else you could have sent them. It is not very often they 
receive reading matter from the United States. 

A. S. Crowninschild, 
Chief of Bureau of Navigation. 



U. S. Flagship New York. 
* * * The men of this and other ships of the fleet have 
been on ship for a term of seven months or more without setting 
foot on shore. They are, naturally, tired of this long service, 
and look forward with pleasure to the time when they can be* 
free to stretch their legs once more, and the addition of so 
many books will serve to keep the time, since war is over and 
we are now awaiting peace developments, and will) do much 
towards shortening their time of waiting and make it seem 
less irksome. W. T. Sampson, 

Rear Admiral, TJTs. N. 



U. S. S. Massachusetts. 
* * * Please accept and convey to the Association which 
you represent, my sincere thanks for the box of books that you 
so kindly sent us. 

Francis J. Higginson, 
Captain, U. S. Navy. 



Street Business Men's Association 193 

U. S. S. Texas. 

* * * Permit me to express my unqualified appreciation of 
this unlooked-for generosity, and to state that I know of no place 
where books are more welcome than on ship. 

J. W. Philip, 
Captain, U. S. Navy. 

U. S. S. Oregon. 

* * * I beg to thank you in the name of the crew for the 
reading matter which you have so kindly sent. 

A. S. Barker, 

Captain, U. S. Navy. 

U. S. S. Solace. 

* * * I have distributed the fourteen cases of books, as re- 
quested, to Admiral Sampson's fleet. The distribution extended 
to the blockading fleet off Havana, along the north coast of Cuba. 
They were sent to thirty-four different vessels and to the Marine 
battalion. A. Dunlap, 

Commander, U. S. Navy. 



U. S. R. S. Vermont. 
* * * I have to acknowledge receipt of the case of books 
and magazines sent by your Association to the men of this ship, 
and thank you for the men and myself for your kindness. 

Merrill Miller, 
Captain, U. S. Navy, Commanding. 



U. S. S. Vixen. 
* * * Their arrival was most timely, and your thoughtful- 
ness is much appreciated. We are seriously contemplating send- 
ing to New York for reading matter as the lot which we had is 
thoroughly exhausted. Practical gifts like this have a much 
greater value than the giver ever dreams of. They relieved the 
monotony of the days of. the blockade, and served to keep the 
officers and men much more contented. Alex. Sharp, Jr., 

Lieut., U. S. Navy, Commanding. 



U. S. Naval Hospital, Chelsea. 
* * * The very excellent and numerous volumes will be of 
great use and be highly appreciated. I. J. Ayers, 

Med. Inspector, U. S. N. 



U. S. Naval Hospital, Newport. 
* * * All of us wish to express our thanks and gratitude 
for this thoughtful and appreciated kindness. 

C. A. Siegfried, 
Med. Inspector, U. S. N. 



194 Coffee Exchange and Lower Wall 

U. S. S. iowa. 
* * * Wish to thank you for your thoughtfulness and gener- 
osity in giving the men of the Iowa the reading matter, which 
will be highly appreciated. R. D. Evans, 

Captain, U. S. Navy. 



U. S. S. Buffalo. 
* * * The two cases of reading matter for the crew of this 
ship was received yesterday. Again thanking you and your As- 
sociation and expressing the appreciation of the officers and crew 
for your thoughtfulness. J. W. Hemphill, 

Commander. 



First Marine Battalion. 
* * * There is no telling the amount of entertainment and 
satisfaction that will be derived from such a liberal donation. 

Henry Clay Johnson, 
Major, U. S. Marine Corps. 
(Speaking of three cases of books.) 



Governor's Island. 
* * * The case of books sent by you on the 12th inst., for 
the patients in this post hospital was duly received, and will long 
be thankfully appreciated by the men in our wards. Thanking 
you most heartily in their name. Jas. P. Kimball, 

Major and Surgeon, U. S. A. 



U. S. Naval Hospital, Norfolk, Va. 
* * * Allow me to thank you for the case in the name of our 
patients. C. J. Cleborne, M. D. 



Camp of Second Cavalry, Montauk, L. I. 

* * * I have the honor to acknowledge the receipt of six 

boxes of magazines, etc., and one box of tobacco and pipes, all of 

which have been distributed pro rata to the regiments remaining 

here, and which are gratefully acknowledged by all the recipients. 

M. E. Noyes, 
Colonel, 2nd Cavalry. 



U. S. S. Kentucky, Navy Yard, New York. 
* * * I know of the good that has been done by the "Cof- 
fee Exchange and Lower Wall Street Business Men's Association," 
and thank you very much for bringing our needs to their notice, 
and I am sure that anything you can do to help us profitably 
pas? the time of our long passage to the Orient will be greatly 
appreciated by the men. C. M. Chester, 

Captain, U. S. N. 



Street Business Men's Association 195 

The Association took charge of the funds collected 
for the Texas hurricane sufferers and has supported 
many other charitable objects. 

The first president of the Association was Darwin 
R. James, 1883 to 1884 ; then followed Thomas T. Barr, 
1884 to 1888; then H. W. Banks, 1888 to time of his 
death 1905; George W. Crossman from 1906. L. W. 
Minford, treasurer, and A. Wakeman, secretary, are 
holding their original offices. 

Henry W. Banks or, as we better knew him, Col. 
Banks, was, no doubt, the most popular merchant in our 
location. For many years he was vice-president of the 
Coffee Exchange. He commenced business as a young 
man with B. H. Howell, was next junior partner of 
Reeve, Case & Banks, the firm becoming later Stanton, 
Sheldon & Co., afterwards Sheldon, Banks & Co. F. T. 
Sherman was the junior. At the time of his death, 
February 5, 1905, the firm were H. W. Banks & Co., his 
son, Talcott, being the company; his eldest son, Harry, 
being of the firm of Banks & Parsons, coffee jobbers. 
He was at one time Lieutenant Colonel of the 47th 
Regiment, hence his title. He was also a noted yatch- 
man. The success of the Lower Wall Street Busi- 
ness Men's Association was largely due to his 
personal efforts, he being president for seventeen 
years. He resided in Brooklyn for a long time, but 
subsequently removed to Englewood, N. J., where he 
died. The meeting in his honor, held in the Coffee Ex- 
change, was attended by practically the whole trade. 

Darwin R. James died Nov. 19, 1908. He was born 
in Williamsburg, Mass., May 14, 1834. With Mtchell 
V. Packard he formed a copartnership in 1858 as 
Packard & James, spice merchants, at 123 Maiden Lane. 
This firm later became D. R. James & Bros. Mr. James 
was prominent in Republican politics in Brooklyn, and 



196 The Tea Association 

from 1888 to 1887 was a Representative in Congress. 
He was instrumental in obtaining from the Govern- 
ment the land upon which now stands the Wallabout 
Market. During the administration of President Har- 
rison he was a member of the Board of Indian Commis- 
sioners. For six years, Mr. James was a Park Commis- 
sioner in Brooklyn. 

THE TEA ASSOCIATION. 

In 1899 the Tea Association of New York was founded 
for the purpose of fostering trade and commerce and 
the interests of those engaged in the importation and 
traffic in teas, to reform abuses relative thereto, to se- 
cure freedom from unjust or unlawful exactions, to dif- 
fuse accurate and reliable information as to the stand- 
ing of merchants and other matters connected with the 
tea trade and to procure uniformity and certainty in 
the customs and usage of said trade and commerce, to 
settle differences between the members of said associa- 
tion and to promote and enlarge friendly intercourse 
between business men connected with said trade. 

The officers for 1899-1900 : President, George L. Mont- 
gomery; vice-president, William J. Buttfield; treasurer, 
Joseph H. Lester; secretary, Russell Bleecker. The as- 
sociation has offices at 96 Wall street. The incorporators 
were : Thomas A. Phelan, George C. Cholwell, Joseph H. 
Lester, Frank S. Thomas, Russell Bleecker, George L. 
Montgomery, James W. McBride, William J. Buttfield, 
Thomas M. McCarthy. 

The association is still in existence and while, perhaps, 
there is no business more in need of unity of interest to 
achieve that which was the object of the association, yet 
many opportunities have arisen but allowed to pass. 



Some Schemes That Were Floated 
In The Neighborhood 



The Street has been rather free from wildcat schemes. 
The first I can remember was the "Little Pittsburg" mine, 
for a time quite popular among the brokers ; many posted 
notices of the wonderful dividends, so we could all see 
what we had missed. Next the whole thing went up and 
was heard from no more. 

The Secor boat — this was to revolutionize boat build- 
ing. A jet of water forced out at the stern was to drive the 
boat at a wonderful speed, at a very small cost. The little 
model worked finely in a tank. A large boat was built 
and we were invited to the test, but the boat could hardly 
be moved. That was the only trial trip we ever heard of. 
The one scheme that did hurt the Street quite seriously 
was the Anchor Barrel Co. They manufactured what was 
called a one-stave barrel — that is, a long strip of veneer 
was shaved from a log of wood, folded over intaa barrel 
shape, with a brass wire hoop. It was a beautiful pack- 
age, indorsed by the principal sugar refiners, who were 



198 Some Schemes on the Street 

supposed to be largely interested in it. Large wagons, 
loaded with these barrels, were driven through the street, 
and it was claimed the company had more orders than 
they could fill. The Street poured almost unlimited 
amounts of money into the company's treasury. A fire 
destroyed the plant, on which there was but little insur- 
ance, and investigation showed that the barrel was being 
sold for less than cost ; the end came. 

Electric sugar was the next. A company claimed to 
have a process whereby sugar could be refined by elec- 
tricity, producing granulated without waste. A number 
of our merchants were invited to the plant in Brooklyn. 
Raw sugar was put into a hopper on one of the upper 
floors, the machine started, and, in a short time, a beau- 
tiful granulated sugar was drawn from a spurt in a lower 
floor. Quite a number went into the company, when 
someone "leaked," and it was found the granulated sugar 
had been put in the bin and was being drawn from that. 

On the other hand, the one great chance the Street had, 
but of which few took advantage, was the American 
Sugar Refining Co. I know some who, when they sold 
their refineries, took cash, while in stock they could have 
received nearly double the amount. The stock has sold 
way above par and has always paid good dividends. For 
many years, prior to 1887, the close competition between 
the many refineries had made sugar refining very un- 
profitable. All sorts of schemes were tried; it was 
thought grape sugar could, in some way, become granu- 
lated, and many tried it. It was then mixed with straight 
sugar, but was easily detected, and some refiners were 
brought into bad repute. Havemeyer & Elder gave a 
guarantee on every barrel that no grape sugar was used. 
The refiners were experimenting with all kinds of 
processes to reduce their output of soft sugar and 
syrups. Many were forced out of business when, in 



Consolidation of Sugar Companies 199 

1887, H. 0. Havemeyer organized what was at that time 
known as "The Sugar Trust" — a consolidation of the 
different refiners. Those that did not care to go into the 
scheme were bought out, given their choice of so much 
stock or part stock and part cash, or all cash. The prices 
paid varied much from cash amounts demanded, and few 
believed the consolidation would be a success. From the 
start it was known as a one-man company, which is con- 
sidered generally a risky investment, but H. 0. Have- 
meyer was an exceptional man, and, from the first, the 
company has paid good dividends. 

The name "Sugar Trust" was becoming unpopular, so 
in 1891 it was reorganized under the name of American 
Sugar Refining Co., with a capital of $90,000,000. Mr. 
Havemeyer remained at its head until his death, in the 
fall of 1907. Arbuckle Bros, has been large users of 
granulated sugar, putting up a convenient package and 
had obtained a very important trade. 

In 1895, there was a break in the pleasant relations 
existing between the American company and Arbuckle 
Bros. Jas. N. Jarvie, representing Arbuckle Bros., and 
H. O. Havemeyer had a consultation regarding further 
business. One knowing both these gentlemen can imagine 
some pretty strong language on the part of one and a 
very polite and suave stubbornness on the part of the 
other. Just what was said will never be told. The pub- 
lic knows there was a very sudden severing of heretofore 
pleasant relations. The Arbuckles at once commenced 
to build a large sugar refinery. The American company 
decided to go into the coffee business, buying out the 
Woolson Spice Co., who were doing a most successful 
package coffee business in Toledo, 0., their leading brand 
being "Lion." They spent millions of dollars in pushing 
the "Lion" coffee in the Arbuckle territory, but met with 
little success. 



200 Some Schemes on the Street 

In 1898 the Arbuckle refinery was completed, having 
a capacity of 5,000 barrels a day. The great fight was 
on. What Mr. Havemeyer did not seem to know was that 
all the millions spent in trying to force people, who were 
accustomed to the flavor of mild coffee, to drink Rio was 
money wasted. Through the Middle and New England 
States, where the people are accustomed to a mild coffee, 
they tried to sell the "Lion" brand and, in cutting prices, 
they also reduced the quality. Again, granulated sugar 
was granulated sugar and the consumer did not 
care one sou if it were Arbuckle's or Havemeyer's. The 
Arbuckles refined about 5,000 barrels, the American 
about 50,000 per day. If the American forced prices 
so there was a loss of even one dollar a barrel, Ar- 
buckles would lose only $5,000 per day, but the Ameri- 
can would lose $50,000 per day. This, you can see, could 
not last long, especially with as bright a man as Mr. 
Havemeyer at the head. After the company lost about 
$8,000,000 the fight was called off, and now the Ar- 
buckles are doing both a coffee and sugar-refining busi- 
ness, while the American company have sold their cofffee 
interests. 

The next great opportunity offered the Street was the 
Coffee Valorization scheme. Perhaps, there never was 
an undertaking of this character so strenuously fought. 
It was unpopular from the start, mainly for two rea- 
sons: First, it was an undertaking so different from 
any other, that people did not understand its purport, 
and every other movement to sustain the coffee market 
had been such disastrous failures, that the same fate was 
prognosticated for this; second, we had forgotten 1904 
and the hard times that low price coffee brought, and 
thought we wanted low prices again. 

The then recent crop of 15,000,000 bags, 1903-04, as- 
sisted by a bear clique, put coffee option to 3.55, June, 



The Great Coffee Valorization Scheme 201 

1904. In 1906-07 there was every prospect of a still 
larger crop, amounting as it did to 20,000,000 bags. 
Brazil saw bankruptcy awaiting. There was talk of cof- 
fee selling as low as 2 cents a pound and, by some, even 
lower. The Brazilian Government saw that something 
must be done to save the country's greatest industry. 
Many plans, such as destroying a certain number of the 
trees on each plantation, confiscating a certain per cent, 
of the coffee and dumping it into the sea, were con- 
sidered. At last the scheme of Valorization (Valoriza- 
tion, a Portuguese word, meaning to give or maintain a 
value, equalize a price) or equalization was adopted by 
the government, who were to purchase 10,000,000 bags 
of coffee and hold the same until the wants of the mar- 
ket warranted their sale; the restriction of exporting 
coffee to 10,000,000 bags crop of 1907-08, 10,500,000 
bags, 1909-10 ; a surtax of about 20 cents per bag on all 
coffee exported, to pay any charges on the coffee stored. 
The handling of the government's coffee was put into 
the hands of a committee of merchants, of whom Her- 
mann Sielcken, of Crossman & Sielcken, was one. The 
bonds were issued and quickly subscribed for. The 
scheme has been most successful and, notwithstanding 
the great record crop of 20,000,000, and a later one of 
15,000,000, the price remained until quite recently very 
steady at about 12 cents against 3.55 in 1904. While 
the scheme has been very unpopular in the coffee con- 
suming countries, it is unjustly so, and later advanced 
to 14. 

This has been the most successful manipulation of 
an article of consumption since the valorization of grain 
by Pharoh and Joseph, which took fourteen years to con- 
summate. Conditions were very similar — seven years 
of large crops and seven years of small. There is no 
doubt that Pharaoh and Joseph received as much 



202 Some Schemes on the Street 

"cussin' " from the millers as Grossman & Sielcken have 
from the coffee roasters. 

There was an advance from 1904 to 1911 — seven years 
— of over $15 per bag; yet but very, very few obtained 
any benefit from it, and with two or three exceptions 
our coffee merchants are in a worse condition than then. 






HISTORICAL COFFEE TRADE 
LEGAL SUITS 



The great failures of 1880 caused much litigation, and 
the validity of what are known as "trust receipts" was 
first tested. The Nevada Bank, of San Francisco, ob- 
tained from Judge Donohue, of the Supreme Court, an 
attachment against Bowie Dash & Co. on the ground, 
as alleged, that the firm had disposed of property with 
intent to defraud their creditors. Geo. C. Brander, the 
agent of the bank, in his affidavit alleged that between 
Sept. 2 and Dec. 1, the firm received from or for account 
of the bank, 7,800 bags of coffee, valued at $136,000, un- 
der a written agreement that the firm should hold the 
coffee in trust for the bank and, in case of sale thereof, 
they would hand the avails as soon as received to the 
agency of the bank; that the firm had sold the coffee 
and received for it partly cash and partly negotiable 
paper to the amount of $123,033.17 over and. above all 
payments made to the bank on account thereof ; that the 
bank duly demanded from the firm the delivery of the 



204 Historical Coffee Trade Suits 

avails of the coffee sold for the bank's account, but that 
the firm had neglected and refused to deliver or pay 
same over to the bank; that the negotiable paper, in- 
stead of being delivered to the bank, was disposed of by 
the firm in fraud of the rights of the bank, the same 
having been procured to be discounted by this firm, and 
that they applied the proceeds of such discounts and 
the cash to their own purpose in fraud of the rights of 
their creditors and the bank; that the failure to make 
such a delivery to the bank was a breach of the express 
contracts under which the coffee was received and a 
wrongful conversion of personal property. The courts 
later vacated the attachment, holding a "trust receipt" 
was a credit given the firm and should be so treated. 
This decision still stands, notwithstanding there have 
been many attempts to break it down. 

In 1884 — May — one of the greatest litigations that 
ever took place in the coffee trade was the "Free Pre- 
anger" coffee case, Joseph J. O'Donohue et al. (John 
O'Donohue's Sons) against Francis H. Leggett & Co. 
The official history of the case is as follows: 

The coffee sold to Leggett & Co. was not "Free Pre- 
anger", but a coffee generally known to the trade as 
such. The case, when first tried, was won by the plain- 
tiffs, O'Donohue et al, but it was appealed by Leggett & 
Co., and the resulting decision reversed the lower court. 
The contract for this coffee was : 

New York, Oct. 27, 1879. 
Sold for account of Messrs. Sheldon, Banks & Co., to Messrs. 
Francis H. Leggett & Co., 1,700 piculs free Preanger coffee to 
arrive, name of vessel or vessels to be given as soon as known 
to sellers, at 22 cents per pound ; sound and made sound basis ; four 
months' notes from average delivery in the store. Payable cash as 
received within first month's storage. Discount for unexpired 
term, rate 7 per cent, per annum. First month's storage and fire 
insurance free and same time to weigh coffee. Should government 



The O'Donohue-Leggett Suit 205 

impose a duty on coffee, this coffee to be taken in bond; no arrival, 
no sale. 

(Signed.) O'Shaughnessy & Sorley, Brokers, 

97 Wall street, New York City. 

(Written across face) Accepted, Sheldon, Banks & Co. 

The opinion, written by Judge Charles Daniels, was of 
great length, and while of interest to those who import, 
yet it is too long to be included here. The points on 
which the case was reversed were that while the con- 
tract called for 1,700 piculs, the tender was for only 
1,645-50 piculs, over 7,000 pounds short O'Donohue 
showed that on sales of 1,700 piculs less quantities even 
than 1,645 had been accepted, and it was rare that the 
exact quantity called for in the contract was delivered. 
The court held as follows : "Where a contract is clear and 
definite, as the above was in this respect, evidence of 
custom or usage to change or vary it cannot be legally 
received." The court quoted from no less than six de- 
cisions to sustain its point. The case was contested by 
the most celebrated attorneys of the time and was in the 
courts for five years. Contracts now read "about" the 
quantity given. 

The coffee was sold by John O'Donohue's Sons to 
Sheldon, Banks & Co., who, on a similar contract, resold 
it to Francis H. Leggett & Co. 

Another case involved the refusal to accept coffee 
polished in Rio as a good delivery on the Exchange. The 
arbitration committee decided it was a good delivery, but 
the objecting party, Mr. Lurman, refused to abide by 
the committee's decision and was suspended from the 
Exchange for one year, during which he had commenced 
individual suits against the board of managers for $5,000 
each damages. The courts finally decided in favor of 
the Exchange, and the Lurman suits were discontinued. 
This contest had become very bitter in November, 1895. 



206 Historical Coffee Trade Suits 

The Attorney-General by an action endeavored to re- 
move Charles M. Bull, then president, and other officers 
of the Exchange from their positions on the ground 
that they were connected with the coffee coloring frauds 
by members of the Exchange. On Nov. 29, Judge Rus- 
sell in the Supreme Court granted a demurrer in the suit 
brought by the Attorney General. This was a victory 
for the Exchange. The late Edward M. Shepard was 
attorney for the Exchange. 

An important point was settled in the case of Eppens, 
Smith & Wiemann vs. Little John & Parsons. The case 
involved 1,000 piculs of Java, prompt shipment. There 
was a delay of many months, and Littlejohn notified 
Eppens that on account of the long delay they would not 
accept the coffee. The market having declined, Eppens 
endeavored to enforce the contract. The case was carried 
to the Court of Appeals, who held that other shipments 
having been made in fullfilment of contracts of much 
later date, due diligence had not been used and the con- 
tract was void. 

It has been said, " Ships with coffee always arrive safe- 
ly to port." This is not quite true. A queer coincident 
occurred in relation to the sailing vessel N. M., loaded 
with Java coffee. She was quite long overdue. One 
Saturday afternoon, some of the owners of the coffee 
were joking in the leading Java broker's office about 
the loss in her cargo on account of the decline of the 
market. One said, "Well, if it were not for the poor 
sailors, I wish she would go down." On Monday, news 
was received of the total loss of the N. M., but crew were 
saved. 

The steamer Pliney, with a cargo of over 30,000 bags 
Brazil coffee, was wrecked off Deal Beach, N. J. The 
swelling of the coffee burst the ship apart. The beach 
was strewn with coffee, and much of it was gathered and 



Wrecks of Coffee Laden Ships 207 

sold wet at auction in this market for about 2 cents per 
pound. It was given to one of the coffee manipulators, 
and most of the flat roofs in this neighborhood were 
covered with the coffee to dry. While the water evapor- 
ated the salt remained and absorbed the moisture. After 
a few days of rain, the coffee required redrying, always 
costing a cent per pound for the labor. Much of this 
coffee was on the market for years afterwards, and the 
last lot sold for export at three-quarters of a cent per 
pound. There was a very large loss in the venture. 

The Ss. Lascell, while detained in the harbor on ac- 
count of the bubonic plague scare, was run into and 
sank. A large quantity of the coffee was saved in a 
very damaged condition, but our Board of Health would 
not allow it to be landed, so it was sent to Jersey to be 
burned. A large profit was made on it. the Ss. 
Alleghany, with a cargo of mild coffee, was sunk by a 
collision in our harbor, raised and again sank while 
being towed to the dock. Her cargo was dried in the 
Erie Breakwater and sold to good advantage. The 
Ss. Crown Prince was lost on the coast of Cuba, but there 
was a large salvage. 

So, the proportion of coffee ladened ships wrecked is 
about the same as in any other importing business. 

There have been few fires of any magnitude since 1835. 
The most important occurred Dec. 5, 1895, when Driggs' 
warehouses, 271 to 274 South street, were destroyed. 
This was known as the "Great Pepper Fire." There 
had been a heavy decline in prices of pepper for some- 
time ; large stocks had accumulated in their warehouses, 
over 90,000 bags, presumed to be the largest in the world 
at that time. Many have believed that this fire was the 
cause of the advance later, but the loss was not felt at 
once. Dec. 5 (the date of the fire) prices ranged as follows : 
Singapore, 4% to 7% ; West Coast, 4% to 4V 2 J Acheen, 



208 Java Coffee in Early Days 

4% to 41/2- On Dec. 31, the prices were: Singapore, 
4*4 to 41/2 ; West Coast, 4 to 414. The pepper from the 
fire was sold at different dates, at auction, by Wood- 
row & Lewis, in sales ranging from 1,000 to 4,000 bags. 
Soon after pepper did advance. There was quite some 
controversy with the insurance companies as to settle- 
ment for losses. These companies contended that the 
value of the pepper was that on the day of the fire, and 
settlement was made on that basis. This, it is well to 
remember. 

JAVA COFFEE IN THE EARLIER DAYS. 

Prior to the founding of the Coffee Exchange Java 
was the coffee of speculation, not only the condition of 
the market, but also that of the coffee when it arrived 
being uncertain. It was considered a good gamble, the 
coffee being bought at the Government sales, which took 
place every four months. The coffee of the December 
sale was thought to have better chance of arriving 
"brown," which enhanced its value. 

Let me explain why Java should arrive "brown." 
When shipped it is very pale, the same color as an 
ordinary Maracaibo. After being placed in the hold of 
a vessel the hatches are battened down as tight as pos- 
sible. While in the tropical climate the moisture of the 
coffee evaporating, producing almost a steam in the hold. 
This moisture condenses on the bottom of the decks 
and drops on the mats, damaging a portion of the cof- 
fee. This damaged coffee is called "skimmings." The 
steam has caused the coffee to become almost parboiled. 
After the excessive dampness passes away, the heat 
causes the coffee to "brown." The browning process is 
what gives Java the fine flavor. Any other mild coffee 
going through the same process will also be greatly im- 
proved and closely resemble Java in appearance and taste. 



Changes in Java Coffee Importations 209 

With a very "brown cargo" there will be a greater 
proportion of "skimimngs." The hold of some vessels 
being more airtight than others, some vessels bring 
browner coffee. Those portions of the coffee stored so 
that they do not undergo the change mentioned will be 
lighter than the other portions, so at times a vessel will 
have both light and brown coffee. The coffee is gen- 
erally in the vessel about four months. It was once 
thought that cargoes of coffee arriving with pepper were 
more apt to have a good color; therefore, a vessel was 
loaded with alternate layers of coffee and pepper. The 
coffee arrived very light and almost ruined, being im- 
pregnated with the pepper flavor. Singapore and Ma- 
cassa Javas quite often had a very pepper flavor from 
being shipped with pepper. 

As soon as the vessel sailed, "float" contracts were sold 
and resold many times before she arrived. As the time 
drew near for arrival, the anxiety to know as to how 
her cargo would turn out commenced; if light there 
would be a loss, if brown a profit. 

Stock of Javas 1881 was 169,639 mats, while on Oct. 
1, this year, it was only 71,980 mats. 

Only the other day, a large roaster inquiring for a fine 
"Buck," was told the price was 17 cents, but that he 
could buy a Kroe Java for less. His reply was, "No, 
we never have call for Javas any more." That largely 
accounts for the great difference in the stock — the con- 
sumer of to-day does not care if his coffee is Java or 
not, so long as it suits his taste. 



210 Statistics of Mild Coffee Business 

THE MILD COFFEE BUSINESS. 

The mild coffee business for some years had gradually 
become demoralized, the jobbers being fast eliminated 
by the importers, who sold not only to the wholesale 
grocers and roasters but sent samples to out-of-town 
buyers and, in many cases, gave them terms refused to 
the New York houses, and even sold parts of the lines. 
In October, 1898, the following was sent to the trade : 

"You are invited to attend a meeting of the representative im- 
porters, jobbers and brokers, engaged in the mild coffee business, 
to be held at the Coffee Exchange, Thursday, Oct. 27, 1898, at 
3:15 p. m. The purpose of this meeting is for a discussion of 
existing causes of dissatisfaction, and the appointment of a com- 
mittee to formulate a plan of remedy that will be mutually ben- 
eficial to the entire trade." 

Below were the names of forty-nine of the principal 
houses. The meeting was well attended, but there was 
no discussion. A committee were appointed and the mat- 
ter ended there. While it was very unfortunate that 
some plan could not have been worked out, yet what is 
to be more deeply regretted is that of the forty-nine firms, 
who were represented at that meeting, only seven of the 
original firms are left to-day. That so great a change 
should have taken place in twelve short years seems al- 
most incredible. 

In closing this volume, I will say that I have found 
that the time and labor spent on it have been a source 
of much pleasure to me, especially in bringing back to 
my mind the happiest days of my life, among men who 
have been an honor to our city. The historical researches 
have created an ambition to search the old records for 
a more complete history of our country's most venerated 
building, The Merchants Coffee House, which, I trust, 
some day to be able to give to Lower Wall street and 
vicinity. 







BOWIE DASH, 

BOWIE DASH & CO. 




Tablet Erected, May 23, 1914, on Site of Mer- 
chants Coffee House, Southeast Corner of 
Wall and Water Streets, New York 



APPENDIX 



IN HONOR OF AN OLD COFFEE HOUSE 

[From a Complete Account of the Event, Published in Simmons' Spice Mill 

for June, 1914] 

An event of important historical significance was on May 23 
participated in with enthusiasm by the trades of lower Wall Street 
and vicinity, when several hundred men connected with the manu- 
facturing, importing, jobbing, brokerage and forwarding of coffee, 
tea, spices, sugar and tobacco, co-operated with the officers and 
members of The Lower Wall Street Business Men's Association 
and their guests in the ceremonies incident to the unveiling of a 
large and beautiful bronze tablet on the building now occupying 
the site of the famous Merchants Coffee House, at the southeast 
corner of Wall and Water Streets. The present building is a large 
structure occupied since May 1, 1914, by the Federal Sugar Re- 
fining Co. The numbers are 91-93 Wall Street and the building 
runs back to No. 109 Water Street. 

Program 

Tercentenary Commission Officers and Committee, with invited guests, meet 

at Fraunce's Tavern. 
12 :30 Reception to Honorary President and Honorary Vice-President. 

1 :00 Lower Wall Street Business Men's Association assemble at the Coffee 

House site, 93 Wall Street. 
1 :30 Association march through Wall to Broad Streets, thence to 
Fraunce's Tavern. 

2 :00 Association escort guests and committees to Coffee House site. 

MUSIC. 

Introduction of Honorary President, Honorable Skth Low, by Association 
President, William Baynb, Jr. 

music. 
"History of Merchants' Coffee House," by Abram Wakeman, Secretary. 

MUSIC 

Addresses by prominent guests. 

music 

Mr. Wilberforce Eames, of the American History Division, New York Pub- 
lic Library, will tell of the finding of the Famous Letter of 1774. 

The sealing of the bronze chest containing copy of the Famous Letter of 
1774 ; Official Program of Celebration ; "History and Reminiscences 
of Lower Wall Street and Vicinity" , Sketch of the participating So- 
cieties and Associations, etc. Chest to remain in custody of the New 
York Historical Society, and not to be opened until 1974, the Two 
Hundredth Anniversary of the Union of the Colonies. 

Unveiling of Tablet by young lady, descendant of Isaac Low. Maids of 
Honor, descendants of Alex. McDougall, James Duane and John 
Jay. 

Music, "Star Spangled Banner." 

Organizations that participated were the following, all having 
held their early meetings at the old Merchants Coffee House: 

New York Marine Society; Chamber of Commerce of State of 
New York; the Bank of New York; Society of New York Hospital; 
St. Andrew's Society, State of New York ; Society of tfre Cincin- 
nati; Society of the Sons of St. Patrick; St. John's Lodge No. 1 
A. Y. M.; New York Society Library. 

Other organizations and institutions represented by committees: 



212 Appendix 

New York Historical Society; City History Club; The American 
Scenic and Preservation Society; Maiden Lane Historical Society; 
Washington Headquarters Association; The Holland Dames of 
America; Sons of the Revolution; Society of Colonial Wars; Mili- 
tary Order of the Loyal Legion of the United States; Sons of the 
American Revolution; Daughters of the Revolution; Veteran Corps 
of Artillery, State of New York; Society of Tammany; Daughters 
of the American Revolution; New York State Daughters of Foun- 
ders and Patriots of America; Daughters of the Cincinnati; 
Huguenot Society of America; Holland Society; New York Stock 
Exchange; The Merchants' Association of New York; New York 
University; City National Bank; Corn Exchange Bank. 

Address of Hon. Seth Low, Honorary President 

Mr. Chairman, Ladies and Gentlemen : On behalf of the Chamber of 
Commerce of the State of New York, of which I have the honor to be presi- 
dent, I thank you for the compliment paid to the chamber through me in 
asking me to be honorary president upon this interesting and historic occa- 
sion. Both officially and personally I am glad to take part in these com- 
memoration ceremonies. 

The building which this tablet commemorates, the old "Merchants Coffee 
House," was destroyed by fire 110 years ago ; but during its nearly seventy 
years of existence, this building had wrought itself into the commercial and 
political life of the city in a very remarkable way. It was the favorite 
meeting place of many commercial organizations and fraternal societies ; 
and there are connected with it at least three historic incidents of more 
than usual interest. From their room in this Coffee House the Committee 
of Correspondence of the Colony of New York wrote the famous letter which 
made the first suggestion of a union of the Colonies in connection with the 
then approaching conflict with the mother country. Here, in 1785, after the 
Revolutionary War had been brought to a successful end, the Chamber of 
Commerce of the State of New York, the organization that I represent to- 
day, gave a banquet to the president and members of the Continental Con- 
gress. This banquet is notable because it was given in honor of the tem- 
porary Government which existed in this country from the end of the Revo- 
lutionary War up to the time of the inauguration of Washington as the first 
President of the United States under the Constitution which now exists. Later, 
in 1789, when Washington arrived in New York to be inaugurated as the first 
President of the United States, he landed at the foot of Wall Street, and 
was given a reception by the Governor of the State of New York, and by the 
Mayor of the City of New York, in association with a committee of citizens. 
This Merchants Coffee House, therefore, was associated in its day with the 
Colonial Government of this country ; with the Provisional Government of 
this country immediately following the Revolutionary War, and with the 
Installation of the Government of the United States as it now exists. 

It is delightful to know that the Business Men's Association of Lower 
Wall Street has cared to erect this permanent memorial of the Merchants 
Coffee House so long after its destruction. It indicates that the commercial 
men of New York are as full of patriotism to-day as they used to be. 

It is very hard for us who live at a time when New York is so evidently 
the commercial metropolis of the nation, to realize that, in 1804, when the 
Merchants Coffee House was destroyed, the City of New York was by no 
means the most important city in the Union. The late John Crosby Brown, 
of Brown Bros. & Co., themselves connected with lower Wall Street, told 
me that when his father and two uncles came to this country, shortly after 
1800, the oldest one went to Philadelphia because that was then the most 
important city ; the second went to Baltimore as next in commercial im- 
portance, and the youngest remained in New York. Very soon after that 
date, however, the Erie Canal was projected ; and the Erie Canal as soon as 
it became assured gave to New York the impulse which very quickly placed 
it in the van of American cities. The canal did this because it assured to 
New York water communication with the interior of the continent at a time 
when all other communication was very slow and very costly. It is to the 
Erie Canal, therefore, that New York is primarily indebted for its leader- 
ship among American cities. Later, when railroads took the place of the 



Appendix 213 

canal, New York City continued to enjoy a great advantage ; for the New 
York Central Railroad is the only one of those which go to Chicago that 
does not have to climb the Alleghany Mountains. So much is the gift of 
Nature to our fortunate city ; but it was due then to the enterprise and 
capacity of its citizens that the opportunity afforded by Nature was availed 
of, as it is still due to-day to the enterprise and capacity of our people that 
New York continues to hold the pre-eminence founded upon this bounty of 
Nature. It is only upon these qualities, that is to say, upon the enterprise 
and capacity of its citizens, that New York can rely to keep the pre-eminence 
which it has so long enjoyed. 

Lower Wall Street is still the headquarters, as it was then, for the trade 
in sugar, tea and coffee, and in that respect I suppose the occupations of 
this part of the city have changed less in a hundred years than on any other 
part of the island. No doubt the buildings have changed, but the trade 
that is centered here now was centered here in the olden day when the 
Merchants Coffee House was in its prime. There is something, therefore, 
peculiarly fitting in the fact that the men associated with these trades which 
have been so long domesticated here should be the ones to rescue the Mer- 
chants Coffee House from the oblivion of ignorance. 

This tablet is a record of the virtues of our predecessors. It should be 
to us of to-day an inspiration to follow worthily in their footsteps ; and we 
fondly hope that for generations to come, it will help to keep alive in the 
men of commerce of the City of New York the effective conviction that com- 
merce must go hand in hand with patriotism if commerce is permanently to 
endure. 

Address of Secretary Abram Wake man 

Mr. Chairman^ Ladies and Gentlemen : It is a great pleasure to say a 
few words in connection with our old Coffee House that was the most his- 
torical building in our country. It was here that the famous letter that 
gave birth to our Union was written. Boston claims Faneuil Hall to be the 
cradle of liberty only because Samuel Adams said so, but we in that letter 
have actual proof that the Coffee House was the birthplace of our Union. 
We also had a Tea Party in 1774. The Colonies agreed that upon the 
arrival of the ships containing tea, they would not be allowed to come up to 
the wharfs ; that the cargo of vessels be entered at the custom house within 
20 days or the Government would seize the cargoes and sell same at public 
auction. Nineteen days had elapsed and many of the New Englanders 
were expecting to obtain good bargains in the tea — but the patriots not to 
be outdone seized and threw it overboard. Our committee did just as 
agreed when the Nancy ladened with tea arrived in the Lower Bay, the 
pilots refused to bring her up, but the boat being short of provisions did 
land Capt. Lockyer in charge of the Sons of Liberty. He was taken to 
the Merchants Coffee House and two days later brought out on the balcony, 
shown to the public, marched to the foot of Wall Street, placed on a small 
sloop, put aboard his ship and sent back to England. 

One of the most notable events occurring in the old Coffee House was a 
dinner given by the Chamber of Commerce to the President and Members 
of Congress in 1785, being the first entertainment given in their honor and 
thereby the first recognition of our Government as a United States. I must 
ask honor for a man never mentioned in history — Cornelius Bradford, the mes- 
senger of our Committee of Correspondence between Boston and Philadelphia 
and New York. Paul Revere's name is honored from Maine to California. Yet 
Alex. McDougall and Isaac Low wrote to the Boston committee : "Cornelius 
Bradford is a true friend to our liberty. Should he be in need of money 
give it to him and we will refund it to you." Boston committee speaking 
of him said : "We send this by our good friend, Mr. Bradford." Cornelius 
Bradford was for many years proprietor of our Coffee House. There is 
another whose name should stand high in the records of history — Edward 
Barden, the founder of the Manhattan Company. It was not until too late 
to have same placed on the tablet that I connected Barden with the Man- 
hattan Company. Barden was a very enterprising citizen and at the head 
of several corporaions. He also was at one time proprietor of the Coffee 
House, and later became proprietor of the Tontine Coffee House that was 
on the other corner. To-day we come to pay respects to not only the site 
on which stood our old Coffee House, but the memory of those who made 



214 Appendix 

possible a great nation and whose benefits we are now receiving. There 
was not a man of note in our city but had spent here a portion of his time 
just prior to and during the early days of the Revolution. I thank you for 
your kind attention. 

Address of Capt. H. M. Randall 

Capt. H. M. Randall, of the New York Marine Society, the old- 
est of existing organizations that held meetings in the Merchants 
Coffee House, the date of that society's meeting being 1778, stirred 
the audience with his remarks about the great shipping merchants 
of the old days. Some of the principal features of Capt, Randall's 
address were to the effect that 13 members of The Marine Society 
escorted Gen. Washington from Elizabethport, N. J., to the foot 
of Wall Street, when he came to take the oath of office in 1789. 
One hundred years later the society landed Benjamin Harrison at 
the foot of Wall Street from a warship in the river. The com- 
mittee which drafted and sent the "famous letter of 1774" were 
all members of The Marine Society. The society's charter, granted 
by King George in 1770, was displayed with the famous King's 
seal. George Washington was a member of the society as was 
also Benjamin Harrison. 

Address of Wilber force Eames 

The history of the letter is as follows : In November, 1772, Samuel 
Adams suggested in a Boston town meeting that a "Committee of Corre- 
spondence" be appointed to state the rights of the colonists and of the 
Province of Massachusetts in particular ; to communicate and publish the 
same to the several towns in the Province and to the world, and to request 
of each town a free communication of their sentiments on this subject. 
One year later, in December, 1773, the scope of the committee's correspond- 
ence was extended to the other colonies, rsulting in the formation of similar 
committees elsewhere and leading eventually to a plan for union. It thus 
happened that in course of time the committee received the famous letter 
from New York, dated May 23, 1774, and signed by Isaac Low, which was 
filed away with the other correspondence from New York. 

These papers remained in the possession of Samuel Adams until his 
death in 1803, soon after which they were placed by the executors in the 
keeping of Benjamin Austin, Esq., who intended to write the Life of Adams, 
but he having renounced his undertaking, they passed from hand to hand, 
and laid neglected for some years in the possession of those who knew not 
their value, and were careless as to their preservation. About the year 
1815, Samuel Adams Wells, the grandson of Samuel Adams, began to collect 
material towards a history of the Revolution, and in this connection he 
came into possession of his grandfather's papers, including those of the 
Committee of Correspondence, which latter he caused to be rearranged and 
bound in three folio volumes. After Mr. Wells' death in 1840, these papers 
were acquired by George Bancroft, who mentions them in the preface to the 
sixth volume of his History of the United States, 1854. Mr. Bancroft died 
in 1891, and in 1893 his books and manuscripts were bought for the Lenox 
Library, which, in 1895, was merged in the New York Public Library. 

Recently, when Mr. Wakeman was making his researches, he mentioned 
to me this letter of May 23, 1774, which he had found printed in one of the 
contemporary newspapers. It was suggested that the original might be still 
preserved among the Boston Committee of Correspondence papers, and on 
referring to the volume containing the letters to the committee from New 
York in 1774 there the document was found. 

In an ornamental bronze chest were deposited many documents, 
pamphlets, newspapers, etc., among them being the following: 



Appendix 215 

Program of the ceremonies connected with the unveiling of the 
tablet; copy of the "famous letter of 1774"; pamphlet of the com- 
mercial Tercentenary of New York, 1614-1914; set of proofs of 
"History and Reminiscences of Lower Wall Street and Vicinity" 
(in press), by A. Wakeman; telegram from Governor Martin H. 
Glynn to the Governor of New York in 1974; photograph of Miss 
Ellen Jay, who unveiled the tablet; copies of reports or publica- 
tions of the Coffee Exchange of the City of New York, New York 
Historical Society, Sons of the Revolution in the State of New 
York, Chamber of Commerce State of New York, New York Stock 
Exchange, New York Society Library, New York Hospital, Bank 
of New York, Bank of Manhattan Co., St. Andrew's Society, 
Marine Society of New York, St. John's Lodge No. 1 A. Y. M., 
New York Public Library, New York Produce Exchange, Daugh- 
ters of the Cincinnati, Holland Society of New York; catalog of 
metal work of Jno. Williams, Inc., and copies of trade journals 
and newspapers, including Simmons' Spice Mill. 



Telegram from Governor Glynn 

Albany, N. Y., May 23, 1914. 
Mr. Abram Wakeman, 

96 Water Street, New York. 

Dear Sir : You ask me to send a message through your society to the 
Governor of the State of New York in 1974. That message is one of hope 
and good will, a message from a past that is now present to a future which 
must be built upon both. May the Governor who holds office 60 years from 
now find the State tranquil and its citizens prosperous and contented. May 
every problem which now engages the attention of the State of New York 
have found a definite and satisfactory solution. There will be other prob- 
lems to engage the attention of a future Governor and future citizens. But 
unless the history of the past belies the future no difficulty can arise which 
earnest citizenship cannot overcome. New York is prosperous to-day ; may 
it be prosperous in 1974. New York is to-day aiming at higher standards 
in its political, social and economic life than ever before. May the ban- 
ners of progress be satisfactorily advanced 60 years from to-day. To the 
Governor of 1974 the Governor of 1914 extends every good wish in the name 
of the great State which claims the best in both. Martin H. Glynn. 

Miss Ellen Jay, the 14-year-old daughter of Pierre Jay and a 
descendant of Col. John Jay, accompanied by Miss Eleanor Hawkes, 
a descendant of General Alexander McDougall, who acted as maid 
of honor, unveiled the tablet. Mrs. Alexander Duane, a descend- 
ant of James Duane, was also one of the assistants. 

The officers of The Lower Wall Street Business Men's Association, 
organized in 1883, at the time of the ceremonies were: President, 
Wm. Bayne, Jr. ; vice-presidents, Edwin F. Atkins, Joseph Cullman, 
Jr., Edward H. Hall, Anson W. Hard, Henry Hentz, Adolph Lewi- 
sohn, Lomax Littlejohn, George H. Macy, Thomas H. Messenger, 
James H. Post, Claus A. Spreckels, Charles M. Warner; treasurer, 
L. W. Minford; secretary, Abram Wakeman. Executive Commit- 
tee — James H. Taylor, chairman; William H. Bennett, Lambert 
V. B. Cameron, Charles Fox, George Hewlett, Frank C. Lowry, 



216 Appendix 

L. W. Minford, James M. Montgomery, Benjamin H. Old, Louis 
Seligsberg, Benjamin F. Simmons, Abram Wakeman. 

The special officers of the ceremony were: Honorary president, 
Hon. Seth Low, president Chamber of Commerce, State of New 
York; honorary vice-presidents, J. W. Proctor (New York Marine 
Society), Charles A. O'Donohue (Tontine Society), G. L. Rives 
(New York Hospital), H. G. S. Noble (New York Stock Ex- 
change), H. L. Griggs (Bank of New York), Frederick De Pey- 
ster Foster (New York Society Library), Charles Evans Haw- 
thorne (St. John's Lodge A. Y. M.), George Austin Morrison (St. 
Andrew's Society of State of New York), Talbot Olyphant (So- 
ciety of the Cincinnati), Edward E. McCall (Sons of St. Patrick) ; 
marshal of parade, Charles McDoughall; committee on historical 
sites, Edward Hagaman Hall, Frederick Trevor Hill, I. N. Phelps 
Stokes, Albert Ulmann, Abram Wakeman. 

John Williams, Inc., bronze founders, New York, designed and 
cast the tablet and chest. 












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